Tuesday

Tuesday trade dominated by Powell testimony of higher rates for longer when many expected a small bump and pause after the March meeting.  Powell is a lot more like Volcker and if true, all the rates will be going up more than the market wants or is pricing in.  Tied to M2 reductions, a recession/depression is almost unavoidable to me.  Sobering more than before.  32,864 Dow off 587 points and bonds pick up 14 tics, 125.02.  Rice bear adding to volume and open interest as a trap is being set, 1666 1/2, off 27 1/2.  Definitely catching some peoples attention.  Beans off 13 1/2 to 1515 1/2 as meal didn't have any more follow-thru, Corn off 2 3/4 to 634 1/4 and wheat gets a small 2 3/4 bounce, 698.  WASDE at 11 on Wednesday.