Outside markets came under pressure again today as the USD rallied on renewed fears out of Europe after a Spanish bank was bailed out over the weekend. Stocks actually collapsed on close near the 10k level as the financials were under pressure.
There is just so much uncertainty hanging around in Europe that the downside in equities seems to have further to go. Volume is average and open interest and cert stocks remain unchanged.

Specs got a bit longer last week to 13.3% long vs. 12.5% last week as seen on page 2. We are in a transition period at the moment as mills are trying to hold off on new purchases as long as they can awaiting hopefully some downside pressure on prices due to a big crop. There is still plenty of time for crop problems later this summer China remains the key because if they do not come to the market and cert stocks remain high, NY will continue to move sideways to lower.