Wednesday

Wednesday trade feature was the Dow getting hit for 486 points, 37,445.  Given the outsized rally of late, a setback was expected and warranted.  My issue is no real news drove the break and the TV pundits had nothing to blame it on.  Thin air and greater fools' theory aren't allowed to be discussed on air, I guess.   Bonds up 23 tics, 124.12.  Fed wants and needs to cut rates ASAP because we can't pay the juice.  Yet to be seen who will possess all the paper the Government has to sell.  Wheat off 12 3/4 to 610.  No new China sales.  Corn slips 3 to 469 3/4 testing the 470 support and beans looked higher early but faded to 1308 1/4, 4 1/4 lower on the day and the leaking action most are not good at trading.  Sitting on a grinding lower short position is hard for me to do.  Rice did pop a dozen, 1735 1/2.  plenty of stories of business out there if we can ship it.