Looks like some shorts got out of their stock positions this morning. New Highs in the DJZ at 10,486, just 14 points below the 10,500 round number which will have the TV Anchors jumping for joy.
New high in the SPZ as well, flirting with the 1112 level, with a high print at 1111.50
Gold moved up to 1,174.0 for another new all-time high print, following the script of jumping in 5 and 15 dollar increments on its way to 1,500 while silver traded to within 7 pips of the 19 dollar an oz high with a high print so far today at 1893.5
All of the grains are higher across the board in sympathy, led by the activity in Jan beans. There is an old high at 1068 which we flirted with so far today posting a high at 1066 3/4.. We did have a ten cent break on the opening, not surprising really as overnight longs took profits. We very well could see last nights trading session low in SF at 1046 3/4 given our present volatility.
CZ is sitting higher resting against the 400 mark, while DZ is sitting around the 575level, again, most likely because of the options strike prices there attracting trade at those numbers in the futures.
Look for choppy trade, especially in the stock indexes as we flirt, believe it or not, with the idea of Dow 11,000 by year end. Who would have imagined that a year ago.
Good Day
