As we enter Tuesday’s trading day look at the following factors:
1) Crude Oil prices and the trading range of the US Dollar index
2) Export news for the grains, as well as any hint of further delays in harvesting.
Yesterday’s crop progress report has corn still on the low end at 28percent, and Soybeans at 52 percent harvested. Both are way behind 2008 schedules…
Time will tell if the rain affected crop quality of yields…Both crops were looking huge in September, so the damage would have to be spectacular to really have an impact, but it could be enough to squeeze out speculative shorts..
3) Technically 1030 is big level in the S&P500, as is 9500 in the Dow…
4) Markets will wait to see what the Fed announces this week, if there will be a hint that zero interest rates will end…
