Tuesday trade after the holiday was a bloody mess as the world went risk off in commodities, fearing the deflationary pressures of a recession/depression. Bonds bumped a point and 26 tics to 141.05. That's a good 20 full points higher than I figure they should be with Powell on the short term rate throttle. Others are finally noticing and its getting some press. Dow off 125 after a late dress up, 30,936. Grain room ugly as beans get hit for 70 1/2 to 1439 1/4, corn down 27 1/2 to592 1/4 and wheat closes 807, minus 39. Funds selling longs, computers getting short. In rice we dropped 31 to 1611 with continual fund selling and what appears to be commercial short covering. We traded over 12 percent of the total open interest naked, and when that much moves, you better pay attention.
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