Chuck Butler gives a fantastic rant on Bernanke’s recent tough talk in his morning column. Not much too add to Chuck’s commentary – nicely done Chuck!
From a trading perspective – I’m trying to pare back all position sizes, and I still can’t seem to do it fast enough. Meats have taken a turn down this week, erasing many gains from the previous couple of weeks.
Proceed with caution is all I can say – it looks like this commodity correction is not through yet. Remember oil will probably have to come down from the high 120’s. Fundamentally there’s no reason for it to be there. Long term, yes, it’s going higher. But there’s plenty of oil right now – this one really was a speculation run-up, I think.