Wednesday

Risk on Wednesday with the Fed raising 1/2 a point as expected, and taking a .75 raise off the table.  That was enough to get the sell the rumor, buy the fact computer systems running to the upside.  Dow up 936 points on the day, recovering all the big drop of last Friday. Bonds are a side note, up 5 tics, 140.05.   I know I keep repeating it, but please recognize we are in just  one big computer driven churn after another.  Wheat is another example on the day, up 31 to 1076 1/2.  Never should have went that low but for the systems pushing, and then run back up on the air they created.  Beans up a dime, 1640 1/2, and corn stops its break with a 1 1/4 cent up day, 794 1/4.  Rice gains 6 1/2 to 1710 with what appears to be a transfer of ownership from weaker hands to stronger ones.