The soybean market has a very interesting set up. Farmers have sold a record low percentage of the crop that is currently growing and overseas buyers have made record purchases of soybeans and soybean meal. Export registrations for soybean meal are more than double the previous record for this time of year.
Our major hypothesis for this pullback is an inversion into the 618-week window off the bottom of the NASDAQ bubble coming up in the middle of the month. We are coming to week 617 now so the window starts on Monday and runs through the week ...
The inability of the U.S. dollar to significantly strengthen against its G10 counterparts dominated market chatter earlier this year, but a more hawkish Fed backed by strong US economic data appears to have changed the fortunes of the world’s most traded currency.
Facebook came in at 100X earnings. So I was not under the influence of anything when I came out and told you last week I believe this is going to end badly. If anything, since I wrote last week’s column, I am more convinced we will have some kind of event.