After having eight of the past nine days as down days, the market was due for a correction. Today, December tried in one five minute period to get to 1.20, but only reached a high of 1.1995. December closed at 1.1925, up 180 points. Today’s correction was not like some of the more violent/dramatic corrections that we have seen in the past months which suggests to this humble servant that it has limited strength. Short term we may see the bulls try to exert their influence, but the long term downward trend is still in place.
I have attached two articles. The first one talks about market trends from a technical perspective. The second article talks about prices for Vietnam’s coffee which is reaching the cost of production and what action the farmers may take if the prices continue to drop.