Evening Trade 8/24
Word "on the street" is that QE3 will NOT be brought up by Ben B on Friday. Of course that is rumor, but seems to make sense given the current market dynamics. This may have been partially responsible for the drop in gold today.
Dec trading at around 740. Some volume but a bit on the light side.
** my take ** - today seemed to be a great time to take profits and re-assess. the corn story still has a way to play out but if you follow this post regularly, you know that we are looking 1-2 days out here. based on the price action today, in combo with larger outside factors, corn is looking bearish IMO. a retraction of 10 to 20 cents over the next couple days would not be unreasonable.
Now sitting at about 741. Fairly quiet.
Starting to slip lower at 738. Some decent size trades coming in now.