Rice Closes Limit Up
Stocks closed nicely up, and why not: the investing public which is now bored with any revolution longer than 15 minutes did not see things burning, people getting shot or buildings getting blown up (and there was that whole Flip That Bond thing earlier) so it makes all the sense in the world. Yet a far more notable move was that of Rice, which traded more or less as expected earlier in the day. As can be seen on the chart below, RRH jumped by 50 cents, the maximum allowed before a limit up lock, to close $15.51 on the CBOT, which is 5.5 cents away from the one year high. We are fairly confident that tomorrow we will see a new 52 week high, as evil, evil speculators decide to go for the ultimate PBOC put. But before that happens, if we are correct that the world's spec crowd will test the inflationary equivalent of the global Bernanke put, it will go far higher. And when Al Jazeera starts sending riot pictures not from Egypt, but from the heart of Asia (consumption data here), we are 100% confident it will get very messy, very quick.
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