The false rally once again is having the bears salivating at the mouth as they are trying to time the next big break in the stock market. The stocks are coming in higher this morning and traders realize this market will lose it's luster sooner or later. May be Friday's Unemployment number will do the trick after President Obama and Vice-President Biden pontificate a surprisingly good number.
If they walk the streets of Anytown, U.S.A. I wonder if they would want to retract that statement. The current administration seems to be so out of touch with mainstream. America and Wall Street speculators are buying so-called value and sheltering this market from a knock-out blow!
With the U.S. dollar trading a little lower and if it could sustain lower trade for the session it could boost commodity prices. The July Corn is trading at 349 ¼ which is up ¾ of a cent in the electronic session.
The trading range has been 351 to 3471/4. Continued cooler temps and showers forecasted in the coming days should pressure the market going into next Thursday's Grain reports. Rememeber I remain bullish in the long haul but rain makes Grain!
ON the Energy Front we have the DOE Crude and Products and Natural Gas statistics released At 10 A.M. Central Time. I anticipate a mixed number showing Gasoline to be off a little due to The good weather over the Memorial Day Weekend. The July Crude is trading at 7327 which is up 41 points higher at this writing. The trading range has been 7440 to 7301.
We contrinue our bearish mode but look out for landmines and seamines in front of us as we will soon to be conducting Naval Exercises with South Korea and have to monitor other hot spots in the Middle East. And we also have the Eoro-Zone continued drama that will keep traders edgy!
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There is substantial risk of loss trading commodity futures and options. Past performance is not indicative of future results.