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ShelladyOptions
Senior Contributor

OptionEye...May 9th

Good morning.

 

Well, just when I think we have most of the bearish news priced in we trade a little lower. When most of the trade was looking for a crop progress number in the 20% range we got one much lower. The weather was better and I know a lot of guys are getting in but there are still a lot who are not. Our farm is still too wet. Even the slightest rain event is setting guys back. I have spoken to a lot of guys who are still in that camp but here we are in Chicago grinding lower like the crop is done and in the bin.

 

Corn is a penny lower, beans are 1 lower to 2 better and wheat is off about 1.

 

Gold down $8 at $1465. Oil off .64 cents at $95.97 and stocks are starting just a little lower believe it or not.

 

Interesting tid bit said to me yesterday that if you bought stocks every Monday night this year and sold every Tuesday night this year you would have caught 70% of the move higher. Just when I thought things couldn't get any crazier.

 

Initial Jobless Claims today but not a lot of economic news on the calendar.

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