Wednesday

Financials leaked Wednesday with the Dow dropping 119 points, 33,150 and Bonds hit for a point and 19 tics, 108.13.  So much for the rates stabilizing.  Grain room weak with corn off 4 cents, 480 while wheat loses a dozen to 568 1/2.  Beans off 7 to 1288 1/4 and meal looked a less sure of itself after a bit much of an upside run to me.  Lots of charts starting to show some short-term cracks.  1612 rice up 1/2 but no flat Nov volume, just spreads.  Someone exercised 100 of the 16$ calls today.  If you don't understand why that was probably a very poor decision vs creating synthetic puts for free, we really need to talk.  After Friday close, I can quantify just how poor the decision was.