Return of the Corn Standard

Oil, Gold, Silver Platinum and Soybeans all met profit taking and drive by short selling today. Near record low volume drifted through sharply unchanged interest rate complex. The earnings season kicked off with a yawn at Alcoa. However, after a slow start, the corn market was not to be denied. Going it alone is not easy in the commodity hit parade and Tuesday should bring more fun.

The "Doves" at the Fed had their time in the spotlight today (and there's plenty more jawboning in the short week) but the market wasn't buying the spin. The Fed's stance now appears to be: We can raise prices but not wages so the economy will slow and inflation will fade. In other words, we are working as hard as ever at policies that serve no purpose, so relax.

For those keeping score at home:

Goldman is lightening up on commodities

PIMCO is short Treasuries

The FOMC members are not worried about inflation (except for the one's that are)

The dollar is universally hated

The debt situation is both a disaster (total debt/big deficit) and not really a big deal (interest 3% of GDP )

The stock market is either out of touch or the bargain of a generation.

Carry on.

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