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Traders,
I believe at least in my own trading that economics has NO regard. I
trade price and price is traded by others who may or may not be believe in
fundamentals of that commodity. There are those, such as the commercials, who
trade based on supply and demand figures. But most times than not, when the
markets make a huge price advance/decline spike, it is after the markets close
that the news is reported. I believe PRICE creates news. How many times have
USDA reports come out bullish for a certain market only to see that market to
go down in price. And of course when the writers or news reporters can't come
up with some report, they will say "profit taking" is the reason a market went
down. I got news for them, there is profit taking all the time, up, down, or
sideways.
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