Loading ...Soybeans Bottoming?
Check out this chart of the SOYB ETF. Note the hammer near the close and, more importantly, the volume spike today. Price is in a strong downtrend but the CMF is trending up along with the Accum Dist indicator.
Anyone follow beans here. What is up???
I have friends deep in soybean country in Arkansas but I can’t get them on the phone right now…..maybe the HUGE sell off in SOYB today had something to do with the flooding on the Mississippi River or other rivers–just a wild guess…but that selling volume today is off the charts so something is going on because as you say the CMF and Accum/Dist indicators look very bullish
$SOYB is the symbol for the soybean spot price whereas SOYB is a soybean fund so there was no huge spike in volume in the spot price for soybeans a day or two ago but there was in the soybean fund so I guess someone sold their shares in the fund in a big way