With the exception of livestock futures markets, it was pretty hard to find a market that did not move strongly higher and look aggressively positive on Tuesday.
The surge higher in most markets came as the Dow Jones Industrial index, moved to new all-time highs. The shift higher seemed to be the main focus of the news stories, but the solid and sometimes aggressive moves in many of the other markets seemed to be overlooked.
This push higher, moved past the 2007 high in the Dow Jones for the first time as some market watchers are now looking for new peaks to climb. This is especially significant following the battle back from the recessionary lows over the last few years.
In all the hype, corn prices rallied 9 cents higher, and solid gains quickly developed in the ethanol and energy markets.
Setting new stock market highs, is important, but what comes next in maintaining the support may be the harder achievement to accomplish. This could also have a significant impact in the ethanol and energy markets. It is going to be hard to maintain the positive momentum over the next several months despite any moves or connection to the stock market.
So with all of the hype and celebrating that seems to be surrounding this move, the hard work of building on this move is just starting.
Rick Kment can be reached at firstname.lastname@example.org
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