Big Red Flags

The agricultural space got crushed today. Lows in the sector were being hit  in unison, a sign institutions cant get out fast enough. Breaking support levels on big volume in never good. Watch this group for lower prices. Hands will be lost catching these knives. I will be shorting rips.  $CF, $POT, $MOS, $AGU

CF
CF
POT
POT

 

AGU
AGU

 

MOS
MOS

The Euro is close to breaking support. If it breaks, the dollar may rip higher and cause some more short term pain. This caused me pain in my energy longs today and I took stops. That is either an epic falling wedge on the euro or the beginning of a meltdown.

Eurodollar
Eurodollar

The Greenback. Rallying as the euro falls.

The Dollar
The Dollar

More melodrama updates tomorrow.

 

Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.