Japan Intervenes Sends US $ higher and grains lower

  • Posted on: October 31, 2011

Overnight, Japanese central banks intervened. Selling Yen. Buying Dollars. They are trying to impact the markets. Longer term intervention like this has not been typically successful. Eventually the market forces become more powerful. But for this morning, it has the US dollar higher, and therefore, our commodities prices lower.

ED F Mann has had its trading privileges suspended. This could cause some un-intended unforseen ripples this week. This has been well known in the trade for the past week. Competitor brokers are circling over head Mann picking off the best low hanging fruit of their client base who are now looking for a new home.The company manages about US$68 billion (January 2011) and employs around 1,700 people in 15 locations worldwide.
Jon Corzine, Former Senator and Governor of New Jersey. Former head of Goldman. Made 400 Million when Goldman went public.
MBA from University of Chicago. Obviously a very brilliant individual.

Latest accomplishment? Came on board ED F Mann about a year ago. Made a huge bet with the firm’s capital on sovereign debt. That bet has gone South.

Just goes to show that the most brilliant guys w/ terrific track records can sometimes still defecate all over themselves and others…

The Dow Index rallied 1900 points between October 4th and October 27th (Last Thursday)… We should see some back filling here… First support on Dow Futures (DEC) is 11,900… followed by 11,700… 11,500 is a 38% retracement. I think there will be some buyers there.

CER