I Just wanted to put in a final quote for Jan beans. Tomorrow I will switch to March.
Very simply, SF had a low just 2 weeks ago at 985. We rallied to Monday’s Jan 4th high at 1065. The funds are either already done, or hanging back trying to get better prices to put on their package. Bottom line, we opened Monday higher, made our high for the move so far. We waited Tuesday and Wednesday. When no buying showed up, the market took a powder and broke sharply. How much of a break… Surprise>>> 50 percent of the recent 80 cent move. Once again, that rule of thumb comes into play. Today’s correction brought us 40 cents lower from the 1065 high, or 1/2 of the 80 cent move.
Later on tonight or early tomorrow morning I will write some more about the dollar, the stocks and what seems to be happening on this non-event opening week of 2010.
Good Trading
