Friday

Strait is open for business; all is well and back to normal.  That was the sales pitch for Friday morning anyway.  Dow opens higher, never looks back, up 1150 points at one time and closing 874 points to the good, 49,641.  Bonds over a full point better on the highs and 27 tics to the good on the close, 114.19.  This used to be a lower area to me in the bonds but now it is nearing an upper area without some material financial changes.  Grains in the hole early but a nice recovery thru the day got corn a nickel off the lows and 1/4 better on the day, 448 3/4.  Beans a dozen off the lows, 1167 1/4, plus 3 1/2.  What worries me about the beans was the 16K of open interest decline in the rally.  Rice up 26 1/2 to 1110 with 1600 contracts roll, but a drop in open interest as well.  Big bulls get fed with new open interest, not players leaving the dance.  Wheat off 7 1/4 to 591 1/4.  There is only 8 cents carry in the K/N spread and for a bear to work in wheat, part of the juice is the amount collected in the carry roll, so this takes some of the pretty away from a long term short.