Grains rally on a seemingly neutral/bearish report

  • Posted on: March 9, 2012

Anytime we have a market rally after a seemingly bearish/neural report from the USDA it gives me pause.
Currently, its 10:05 AM.. Beans corn and wheat are rallying after moving lower on the open.
bottom line:
Cover the shorts. Targets were hit Wednesday and Thursday.
This could be short covering, but to me it smells like something else.
The dollar is rallying and grain is rallying. That’s also giving me pause.

On to the Stock indexes. The Dow had a break down to 12,721. a nice break.
I have had profits locked in and have more buy stops which are getting filled as i write this.

most likely, I will look to sell into the next time we trade 13000, and we are only 50 points away from there right now.

Have a great weekend.
CER