A trader I know from the CBOT, Vincent Di Bennidetto, used to like to call a volatile Wednesday Whippy Wednesday, and that is most likely what we’ll see today..
In the beans, we opened around 912, quickly posted a low down at the 905 level, bounced to 915 and then have bounced between 912 and 906 for the last hour or so..
With a relatively narrow 9 cent range so far, today looks like consolidation trade.
Many people probably either covered shorts yesterday, or initiated fresh longs on the dollar scare yesterday, as well as the freeze warning for this Sunday night…
Barring any fresh news, and given the fact that we are heading into the Columbus Day holiday, we’ll have lighter than average volume, giving us choppier trade…Corn Wheat and Beans are all slightly lower on the day, here at 1145 AM Chicago Time…
Gold is up 5 bucks, Silver is up slightly, the stock indexes are both in quiet trade, as we are getting ready for earnings to come out over the next 10 business days. Tomorrow will show same store sales, data, which could be an indication of consumer activity… 90percent of our GDP is consumer driven…. So we may see some fireworks from that data… Currently, the Dow is trading around the 9650 level, but
I still think the surprise, if there is any, will be to the upside.
99 percent of people are bearish now because it “OCTOBER” and really nothing good ever seems to happen, historically in October for stocks.
The currencies are in a digestive trade today as well.. Perhaps people have realized that the talks that the oil producers were having with Russia, China, France,,, all called for a ten year plan to phase out the dollar as currency to settle oil prices with… ten years, not ten days….
For the rest of the day, I would look for choppy directionless trade in most of the commodities, until around 12:30 CST time… We may have some new weather news at that point to give some movement to the Grains…
Good Trading