Cornography

Let's take a look at corn, one of the most fundamental economic building blocks of the global economy, once again.

I thought corn had already bottomed out yesterday when it managed a very meagre rebound - something it hadn't been able to do in literally days.

However, based on today's market action, it seems the bears have some other plot in mind for this made-for-television real-life trading epic.

Do they want to strip the corn traders all the way down to the one-year lows until everyone's voice turns all husky? If you like puns, there's a bad one for you.

So if the one-year lows are really being targeted, we've still got some more downside to suffer.

We're very close to the October 2011 lows right now, which means the effects of Twist and the European EFSF market action, which is nearly $1 trillion worth of government action, is being mitigated and only new triggers can save us.

After all, German bonds are being shunned and there are murmurs of BAC default swaps hitting new highs.

I'm thinking QE3 should be just around the corner... and if Bernanke really loves us, we might even get this as a Christmas gift since there are going to be very little hawks left in the Fed and Obama is becoming increasingly open to the idea of economic stimulus.

For now, we need some semblance of consolidation to signal that the bears have finally started to take profit, but I jumped into some more JRCC today.

Two key reasons for my trade:

1. slight MACD bullish divergence

2. from the time I previously sold JRCC, there's already been more than a -35% decline from the top.

-3.12% SBA

-2.78% Roth IRA

-2.05% DJIA

-2.43% Nasdaq

-2.21% S&P

+6.29% VIX

-1.29% FTSE

-1.31% Eurofirst

-2.17% WTI Crude

-1.91% Brent Crude

For this Thanksgiving, I'd like to thank my market buddies - you know who you are - as well as 9FM and Bernanke. Without their monetary protection, I would have been toast ages ago!

Happy Thanksgiving to all - even to the bears...

P.S. Day's trading range... so far, the only pattern I'm noticing is pricing on a downwards trajectory...