It’s stuff like this that has me concerned….Man are we in a heap of trouble.

http://finance.yahoo.com/news/FDIC-could-seek-bailout-from-apf-3266069115.html?x=0&.v=9

Could the S&P climb to 1100? I think it could get close but may have to pull back. I know many traders that are just sitting and watching this bull rally. Some are calling it a bs rally but it is still moving upward. The fact is industrials, retail sales, and unemployment numbers are getting better. The problem is a recession or almost depression that we experienced takes time to heal. The S&P almost doubling in a year or so does not make me confident; especially when the consumer is still on the fence. Remember a young person typically invests in the markets for the long haul, while older individuals should be in less risky products. Is there even a less risky product out there? Unfortunately, everything is a risk and you should consult a professional when making all decisions.

The technical level we have discussed in the past has been reached; 1056 which does signal confidence and a bullish market. Many times when a target is reached a pull back is in order but this market is different than in the past. The S&P is taking out technical levels and moving higher; much quicker. We are in a V shaped recovery period and may gain steam due to retail investors jumping in. I mentioned this is my daily commentary. The consumer may have been forced to jump in the market because savings rates are very low. People need to reach goals and can’t do this at 1% or less.

Keep this in mind as politicians talk of recovery….

http://www.dailymail.co.uk/home/moslive/article-1212013/Revealed-The-ghost-fleet-recession.html

Gold looks to be consolidating here between $990-$1,000.  The consensus on the floor is that this rally is for real.  Double top now at $1,010 which is likely to be tested in the near future.  USD is now at $1.4600 against the Euro and is getting much weaker.

Big sell off Friday that continues into todays trade date as the USD fights to saty below the $1.4600 level.  Crude Sold all the way from $72.80 down to $69   and now below that as the US economy tries to figure out if the recovery will sustain.

Option trading doesn’t lend itself (yet) to any of the existing electronic trading platforms. Market makers continue to find it to their benefit to gather each day in the trading ring as a central focus for providing quotations for those seeking to do business in options. The majority of sizable transactions involve structured deals with futures, or against a series of other options, in ratios, etc… to obtain delta neutrality, or fit their particular needs.

However, it is growing increasingly obvious that the smaller boutique markets, which include most of the soft markets, will be moving towards an over-the-counter style of trading.  Whether because of expenses of maintaining staff, and booths and such, or because volumes and fees continue to drop, or pehaps a combination of the two, more and more brkerage and trading opperations are leaving what’s left of the trading floor.

I love the Irony of an agricultural trader getting Swine flu, but of course it happened to me. Following my recent travels to London and seeing all the signs over there about prevention and how quickly it’s spreading I now understand they are SERIOUS. I assume myself, my traveling companions (whom have been admitted to the hospital…they’ll be fine) and everyone else on Virgin Atlantic flight 39 has swine flu. This just goes to show how quickly an airborne virus can spread. Everyone should take due precautions.I don’t feel this is life threatening for most, but it’s a nasty flu that wipes you out for at least a week.

As for 9/11, I have to agree with my fellow Guru; it’s a disgrace that where I lost many I knew in this industry, lies a hole in the ground. It parallels the hole eroding the American spirit. This was never better shown than earlier this week during the O’Bama health care speech. The terrorists are winning when our elected leaders (the jackass republican) do not respect (the presidency) what has taken over 250 years and countless lives to create. Why not simply throw a shoe at him and debase ourselves to the level of our enemy? We as Americans can and need to do better. We are called the leaders of the free world but lately we have chosen not to lead. That is a sad fact that needs to chance if anything better is ever to be expected for our Children. Best Wishes to all on our most solemn day.

Matthew M. Pierce

You know, There are a lot of plans being made to observe the eighth anniversary of the attack on the Twin Towers. I was there that day and worked in those buildings for almost twenty years. Frankly, I try to
forget what I saw that day. I find many of those memories are better hidden away.

Anyway, a couple of weeks ago I happened to have an appointment that required a walk past the hole in the ground, you know the one, where the towers used to be. It pisses me off that there is still a F’ing hole in the ground almost eight years later. For me that is a symbol of how the terrorists won. They knocked down the towers and we just leave a big hole in lower Manhattan….

It would please me to stop fussing over what type of replacement is polittically correct, just rebuild the same freaking towers. Lord knows we ought to have the blue prints and experience to rebuild them in short order. If we did then we could name them. Call one “Freedom” and the other “Unity”. And at night we could light up their initials.

F.U.

Anyway, those are my thoughts,  Jurgens

With agriculture looking a WASDE report right in the eyes (Friday 7:30 CST) and harvest there is little to get excited about. The report is thought to be bearish while harvest starts without any delay. Overall the downside seems the path of least rtesistance but everyone is leaning that way so smart money is looking to set up cheap upside plays owning volatility as we appraoch 30% across the floor.