10-02-2012 06:13 AM
We are still looking for some sort of trend. Nice move up on the number Friday led to more of the same lackluster trade. We had some economic numbers come in yesterday a little bit better than was expected and when that happens you have to get out of the way of the QE trade where the money buys assets and equities. We are going to be in this 'rigged' trading environment for awhile.
We have corn, wheat and beans all trading in the red this morning with beans and wheat leading the way. Again, equities are higher, gold and oil are higher and the 10 yr. yield is holding at 1.63%.
The dollar is unchanged and I think that fixed income will be rather quiet going into Friday's non-farm payroll numbers and we will drift waiting for our monthly USDA report on next Thursday. Not a lot on the menu here to have us really light up the board. We will need a outside impetuous to really get us going.