Put on your rally caps, apparently…
An across the board rally in all commodities brought prices higher after mid-morning in the grains.
We saw early weakness in Nov Beans from the higher stocks report, but those concerns quickly dropped away with a 17 cent rally up to the resistance I talked about early, the 930 level. 931 was the high print, and the SX settled 5 cents lower from that high at 926. Both Corn and Wheat rallied as well, all in sympathy with pretty much rallies across all spectrum today…
The stock indexes rebounded sharply rallying over 150 pts in the Dow from it low, with the s&p also rallying hard after moving sharply lower this morning. Crude was up 3 bucks, Gold up 13, Silver up 50 cents…
All in all, here we are almost at the end of the month, and we are seeing evening up of positions, and re balancing of bean/wheat bean /corn spreads.
Tomorrow and the next week will be telling as we enter October..Is this a giant head fake of a rally to suck in new longs right before a correction? A classic trap for Bulls who have thrown in the towel finally getting off their previous bearishness for the past 6 months?
c