Interestingly enough, the same people who were talking about a new great depression when the Dow was down below 12,000 have now decided that its time for a double dip recession. The Dow rallies 850 pts, all is well::: We get a bad unemployment number and “the world is coming to an end once again”. I think the market held up remarkably well. I had some small buy orders 150pts below yesterday’s settlements in the Dow futures. The have been filled, although, quite honestly, I got the hee bee gee bies when they were filled. Yesterday’s settle in June Dow was 12,680. My buys were at 12,530. Today’s low was 12,510. Currently we are trading at 12,553.
I have moved my stops up and now its either a push or a small winner.
I have to say, I am not sure where this market’s going, but I have my position on and I will sit and wait now, secure that at worse, its a push.
On to the grains. I have been on both sides of the corn market trying to catch the move. CZ opened strong, filled the gap and traded up to 635 1/2. We are hearing the hot and dry dome of death talk. Between the Funds, China’s buying and the USDA, and throw in the weather…I still am kind of negative corn until we rally above 6.84.
I am long beans and I am long wheat.
That is all for now.
Have a great weekend. Please remember to use your stops when ever you put in a position. Its the only way to protect yourself from yourself when you are wrong.
CER