07-17-2013 07:52 AM
Market trying to come up with a good reason for yesterday's rally. The catalyst was the forecast but I think the real meat behind the rally were shorts that got squeezed. I think that is why the market settled back in later in the session. A little profit taking and the panic subsided.
Stories doing the rounds that wheat demand is picking up but is only coming through in a penny rally in wheat. Corn steady and wheat steady as we wait to see the depth of this heat damage. We are far from over the threat.
Bernanke minutes to Congress have been released and he has continued with accommodative rhetoric. Stocks have rallied since the release.
The 10 year yield continues to come in and is now trading at 2.48%.
The world is in flux and not sure what to do. More reports that China is not doing as well as the headlines would suggest and Europe is nowhere near solving it's issues. More danger lies ahead.