Monday

Monday out of the box like a rocket with the Dow up nearly 400 and all the grains bulled up on drier conditions, both here and abroad.  Dow fell apart and lost 200 by the close, 31,047.  Bonds off 25 tics, 139.08.  Grains held up with wheat up 36 cents, 812 3/4, corn holding 8 higher, 612 1/4, and beans popping 31 1/4 to 1497 1/4.  Rice lit it up for 70 cents on a spike and closed 54 1/2 higher, 1707.  That's the good news.  All the grains had declining open interest in the rally, so all we really did was catch some shorts with their hands in the cookie jar.  It should make the short funds a little less aggressive in trying to push next time.