David Fuller's view I purchased more palladium late last night, after posting the Audio and Comment of the Day. I paid $647.35 for another December position, doubling my overall stake.

My reasons were that precious metals had largely recovered from their interday gyrations in response to yesterday's Fed statement. The explanation for this, I believe, is that investors initially took profits on the adage that 'it is better to travel than to arrive.' In other words, they thought the QE2 infusion might have been fully discounted, and the $600bn was also near the lower side of estimates. Later in the day and clearly today, investors reassessed and appear to be concluding, correctly in my view - that more quantitative easing by the Fed at a time when the ECB and even the BoE have desisted, and progressing economies are raising rates - is bearish for the USD.

This afternoon, I also resold the T-Bond short that I covered during yesterday's sell-off. I shorted the December position at 131.65 and later added a third equal-sized short at 131.93. These will be managed actively, given the opportunity to cover profitably.

After raising some stops slightly, I also followed this afternoon's potential breakout in corn, purchasing another equal-sized December long at $5.941, increasing my position by a third. I may trade part of this position more actively if prices move higher.

Prices above include spread-bet dealing costs.