The dollar bounced back from its earlier weakness and is now trading at 77.91. Feb gold has had a high today at 11208, a low at 11029 and is currently at 11031, -84 on the day. Feb silver has a high today at 17525, a low at 17120 and a last trade at 17130, -190….
In the grains, we have as anticipated, quiet mixed trade. SF has a high at 1018, a low at 1014 and a last trade at 1015, + 3 cents on the day. WH has a high at 529 1/4 , a low at 522 and a last trade at 525, – 3 cents on the day. CH has a high at 406 1/2, a low at 396 1/2 and a last print at 403 1/2, + 5 3/4 cents on the day.
We are continuing to see buying of corn and selling of beans. There have been a rash of bullish articles on buying corn as a spec for next year. I think that’s what we’ve been seeing, as traders get positioned for the anticipated re-balancing of over 6BB in futures contracts by the index funds at the start of 2010.
Finally, the stocks remain bid. I would look for the stock indexes to chop around sideways to higher and make at least a half hearted attempt to make new highs between now and Thursday.
Remember, thin markets mean thin opportunity. If you are trading at this time of the year, I would suggest taking your profits early and heading off to find other more interesting things to do. There will be plenty of opportunity after the first of the year.
Good Trading
