We had some volatility last night… January Beans (SF) traded up to the 984-975 then could not hold on to those gains, settling 14 cents lower from those highs at the 970 area…Trade today may be looking for a technical short-term bounce, after so much selling has been absorbed over this week.
That being said, there is certainly more room on the charts for down-ward price action in the Beans, as we continue the harvest pressure…Ditto for Corn. December Corn (CZ) remains caught in the same chart patterns as the beans, so look for continued bounce between the highs and lows of its recent 30 cent trading range.
Today being Friday, however, we could see the bears step in and really try to paint the charts for the weekend for people to ponder over the weekend.
Of course, in about 20 minutes, the October Un-employment figures will be public, at 730 CST…Consensus is looking for 175K…Any sharp deviation could mean fire works for the indexes and interest-rates, although the FOMC just released its minutes from Wed afternoon, and they remain with their foot on the gas pedal for now…
Safe to say, they may know something we don’t know yet?
Certainly feels like if there is a surprise, it will be to the upside, or bullish…General Opinion is that the pace of firing has not yet slowed enough or for a long enough period of time to start really worrying about an economy growing too rapidly.
Good Trading