Trade was pretty quiet today, mostly due to yom kippur. Stock indexes remained higher, especially the NASDAQ. Its currently 230 with a half hour left in the trading day.
Nov Beans were constrained by the 925 level, trading down to 917 but finishing the day down six cents, while both wheat and corn ended the day higher 5 to 6 cents. Some obvious evening up of those respective spreads, corn/beans and wheat/beans..
Stocks look poised to head higher through the end of this month, in anticipation of October volatility… I wouldn’t be surprised to see the Dow approach the 10000 level, allowing speculators the luxury of deciding if 10000 will be the new ceiling or the new floor of a trading range. My best guess it that there will be a lot of resistance there, followed by a big short covering rally if the market makes substantial headway (that being around 150Pt’s, above the 10000 level.
