88.05 is a good place to cover crude shorts if you initiated them on the spike to 92.00 Interestingly, the trend is still bullish, so this is a dip to buy.
Once again, the once vaunted unemployment number went off like a wet fire cracker. The US economy produced enough jobs to fill the civic arena for a Styx concert, 36K..
Is that really job growth? The unemployment rate drops to 9% over all.
Again, I am waiting for the “new economist” to say that 8% was full employment. In the 1980’s the holy grail was 6%. That was considered “full” employment. So its just a matter of time before we lower the bar on that benchmark as well.
Grains powered higher once again. We are so over due for a correction its not funny.
How about 1.50 in corn and 3.00 in beans… However, the fact that I am looking for a major pull back means it won’t come for a while. Instead, we will grind higher.
CH looks bound and determined to go for that 7.00 print in corn, a 15.00 print in beans and 10.00 wheat.
The world shrugged off the unrest in Egypt. The Suez canal remains open and operating.
All of the panic longs who bought crude on the panic, well, they all lost 4 to 5K a contract for their emotional decision.
Have a great weekend.
CER
