Ford came out today with bullish news, the only manufacturer not to take tarp money, posted a billion dollar gain… Perhaps Hillary would like to impose a windfall profits tax on them?
Other bullish news, 1) Institute for Supply chain management, a private entity, sees GDP at 4.5 percent growth.., 2) pending home sales rise, and 3) China reports higher manufacturing output.
In response, the Dollar/Crude has been all over the place, but overall the Crude is about 2 bucks higher, Gold rebounded 22 bucks on short covering and fresh long specs, and the grains moved higher overnight and early on in sympathy with the crude.
The grains still have issues to deal with harvest, however the 5 day forecast looks like there will be sunshine enough to get into the fields…What the farmer finds there will be another story, and should keep a bullish tenor over the next few weeks.
Volatility is still kind of ridiculous in the grains, with ten and 20 cent drafts during the day, which are opportunities for the agile day trader.
In the stock indexes, the Dow is still hemmed in above by the 10000 level, and although its nice to see the Dow back in the 9800 range for the Bulls, in order for the intermediate term trend to get friendlier, we need to push a settlement above the 10,350 level..
Good Trading