Overnight China release their gauge of economic activity PMI picking up.
This is supporting markets. Ditto for ideas that the re-building after Sandy will spur demand for Loews, Home Depot: Supportive. Its also the first of the month which means new money coming into the markets on inflows into 401K’s.
No change in recommendations. Hope you are long the Dow against 13,000. Currently, the high is 13,212. Looking to lighten up longs at 13,300 and then 13,400.
Raise stops to lock in profits.
We’ve had more bullish news coming out of concerns with protein content for Australian wheat. Look to buy breaks to try to capitalize on any more dryness there.
USDA report yesterday, showed the lowest wheat rating for planted wheat since 1985. This means US hard winter wheat is stressed due to lack of moisture.
That’s about all for today.
CER