In the grains, it is the last day of the month. The trend in these grains is down, and typically we can see near term lows or highs at the end of months depending on the trend for that month.
With beans down 1.50 since the Jan 4th high, old crop corn down .70 cents and old crop wheat down 1.00, I’d say the trend is down.
We may get an blip down here today which may give a buying opportunity. As always, pick your spots, and have your stops.
It would be good for a bounce if we get some traction here.
The dollar continues its creep higher, and the Dow, as I had thought, seems to have discounted much of what Obama has talked about. For now, the hedge funds and banks will be his whipping boys, (no disrespect intended). He needs a target to appeal to his base, which, let’s face it, does not like wealthy people, save for athletes and entertainers. Every one else, according to the liberal base in the Dems, should be living on a commune. 🙂
Continued negative feelings about the market is what we need to get this creeping rally going back. I could see a rally in the Dow futures up to the 10263 level or ideally, 10344 or 10425. In SPH, I like a rally back to 1099, 1108 or 1117.
Good Trading. Use your stops people.