This set of comments will be brief as I am extremely busy today.
Friday's jobs numbers sent the Dollar soaring and the commodity complex reeling. Today, that trade is being reversed with the Dollar sinking sharply lower and the entirety of the commodity complex is now soaring.
If you ask me the reason for this you will get a simple answer: "Beats the hell out me". I have no idea what is going or why but that does not matter as the funds are covering shorts or buying like mad in the commodity complex for today.
In looking over the Board, the only commodities I see in the red today are natural gas and feeder cattle. Everything else if going mad.
What we get tomorrow is anyone's guess but larger scale traders are more than likely looking to sell rallies.
Tuesdays are famously called "Turnaround Tuesdays" in this business. We'll see if it lives up to its reputation tomorrow.
One big short covering squeeze day does not reverse a trend.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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