Traders continue to watch the path of the storm in the gulf and anticipate if this storm can pack a punch reek havoc in the flow of oil and products.We have plenty of supply but it seems the complex is looking for a reason to stay above fair value.The President signed a bill into law to further regulate the commodity markets. And ofcourse in this transparent administration we are trying to figure out what the even playing field is. Does health Care reform ring a bell?
All we need government to do is referee what is right and what is wrong. With this new legislation we have to wonder if this will hinder bona fide hedgers from participating in our markets and leave to the evil speculators.
Barney Frank (D-Ma) and christopher Dodd (D-Ct) are the architects of this new plan.Set the record straight and tell us what the plan is. Remember Fannie Mae? How did that slip through Barney Frank's fingers?
The December Corn is making a comeback to the $4 level trading at 397 which is up3 ½ cents in the electronic session.The trading range is 398 to 389 ¾. I continue to be bullishon this market and want hedgers to join us evil speculators for open outcry.Free Markets for Free Men!
On the Energy Front are focus remains on the storm in the gulf and another rally in the stock market.After Uncle Ben Bernanke's gloom and doom report on the economy good earnings have put the windin the stock sales and traders are riding this tail wind.We have a glut of oil and product,however this markets seems to be dictated by other forces than supply and demand.
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There is substantial risk of loss trading commodity futures and options.Past performance is not indicative of future results.