13,300 proved to be the head fake point for Dow Futures. If you’ve been reading, you know that I had ALL my short futures blown out with that settlement above the 13,300 level. . Since then we have been mired in this narrow 300 pt trading range. Today’s low in the March Dow, at 12,894, took out 12,900 by 6 ticks. Bottom line, markets not digging the news coming out of Washington. March S&P holding a small gain, though so its really not too smart to get too excited one way or another.
If you are smart, you don’t have any major stuff on now anyhow. We are in holiday trade mode. Remember, December is traditionally a lousy month to trade.
In the Grains, CH down another 3 cents, while CZ13 is below $6.00. The beans are holding tough at 13.00 but its nothing to write home about.
That’s about it on a choppy holiday Wednesday.
CER