November beans indeed snapped below the 900 level, traded to a low of 895 1/2 and perhaps is now looking for a snap back higher, temporarily…I would be a buyer here with a stop market below.
It looks as if the stock indexes over did it this morning on the down side, with both the Dec Dow and S&Ps having a bounce rally off of their multi week low prints which came out this morning after the unemployment numbers were released. These markets are at the mercy of the puppet masters, the large funds with plenty of money to push the futures markets around, looking for stops and looking to push around smaller traders or ‘investors’…
The S&Ps have bounced ten handles higher off the low print, and the Dow 100 points off its low print.. The rest of the day may be sideways to higher chop, as most people have now either made their dough, lost their dough or decided to leave for an early weekend.
I would look for choppier trade through the rest of the day because of this fact. Its a Friday, Friday afternoons are generally thinner markets because of that phenomenon…
Gold is 3 dollars higher, silver slightly lower at this point… Corn is lower, trading around the 334 level, Dec wheat is lower, trading below the key 450 level…
For the rest of the day I would look for counter trend moves, in this case rallies, to sell…
At the end of the day, I think the bears will try to paint the tape for the weekend, trying to get prices lower going into the weekend…
C