Monday

Monday just another day where financials lead the news.   Fed effectively ended monetary tightening and just injected stupid capital back into the markets, so looks like another summer of higher rates and higher inflation, which will exaggerate things even more down the road.  All June in the financials moving forward for pricing purposes, Dow had what turned out to be a 850 point churn range and off only 110 points at the close, 32,055.  Bonds traded the top of the range and settled back a point, 131.17, up 2 points 6 tics on the day.  The headlines talk of the massive 2 year 10 year move, but if you push a string hard enough you get a violent snap back.  Don't get lost in the overnight noise.  Beans off 15 3/4 to 1491 1/4, corn down 3 3/4 to 613 1/2, and wheat got a 5 1/4 cent bounce, 684 1/2.  All the grains lost open interest on the day.  Rice bounce continues and the bear has no volume to cover his now upside down shorts, 1667, up 32 1/2.