Friday Musings -- What Do Europe and the Cardinals Have In Common?

October 28, 2011 12:53 AM

What Traders are Talking About:

* Europe -- the day after. Now what? The euphoria of yesterday's debt deal by European leaders has wore off. Now markets are searching for the next batch of bullish news to keep commodities and stocks moving higher. Unfortunately, fresh supportive news was lacking overnight. As a result, some profit-taking ensued and could continue throughout the day session. While there's still one more trading day in October next Monday, traders might start claiming profits on long positions today ahead of the weekend.

The long and short of it: Recent price action in commodities signals investors want to be bullish, but a constant dose of supportive news is needed to fuel sustained buying interest in this unstable market environment.

* Friday musings -- Europe. Everything has been about Europe for seemingly forever. I'm craving a big serving of the "good old days" where grain markets can trade market fundamentals and ignore the political circus act in Europe. All of the major media continues to hype the European situation as largely financial. Part of it is, but the vast majority of it is political posturing around a financial mess. I'm begging for anything BUT Europe.

* Friday musings -- Cardinals. So I hear Game 6 of the World Series last night was "one for the ages." It probably was, but I just can't get excited about the World Series this year because of the Cardinals. First ESPN had to rekindle bad memories of 2003 by airing the "Catching Hell" documentary and now I'm stuck watching and listening to how "destiny" has the Cards within one victory of another World Series title. I'm pretty sure all of this is happening just to spite Cubs fans.


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