09-19-2013 06:51 AM
Markets going up like a homesick angel.
One of my father's favorite market calls. Appropriate for today. Everywhere we look green, green and green.
The only thing down is the dollar.
The FED's action yesterday was a surprise and unprecedented.
So here we go. Corn up 5, beans up 11 with wheat up 11 as well. Soybean prices are still down for the week after 6 straight weekly advances. China buying and weather have been a big underpin. A weaker dollar will also help going forward.
Gold shot through the roof on the 'no taper' announcement. The dollar will be the one thing that really gets hit. Oil also up .45 cents to $108.52. Today the equity market looks to continue its record march higher as Ben Bernanke has poured gasoline on this equity fire.
The 10 year yield has plummeted. 2.69% today and I am afraid the reason that the FED did not stop the accommodation is that we are in deeper trouble than we know. Watch the next earnings reports as I think that the next stop for the 10 year is 2.00%. I hope I am wrong.