For those of you who are short this is good news, otherwise, well, it is not good news. Today, once again coffee is down significantly. By 4:30 AM December was down 300 points. At 10:15 there was a good rally up 300 points, but it was not sustainable. December slid down the rest of the day to close at 1.2170, down 470 points. The market is now down nearly 2,000 points in four days, or 15+ percent.
Will it rally tomorrow? The stock market dropped big time today, but came back somewhat to close at its lowest low since February 2014.
First, we had strong Dollar and weak Brazilian Real, then a weak Vietnamese currency, and now China. All areas are now being impacted. Even Gold which rallied a little last week fell today.
What a mess!