Rhett Atlanta is Burning – No that’s Venezuela
As the Venezuela burns to a cinder and rising from the ashes the military is deciding socialism does not work in anyway shape or form but they are now open to a coup d’état or communism which Ronald Reagan said these forms of government should be on the ash heap of history. Regardless of their ideology these governments have proven to bear false witness and morally bankrupt while their cheerleading choir to spread the wealth and they were failed. It work for those in charge but not the minions that put those people in power to begin with. As we inch closer to success in trade talks with the Chinese the fake news headlines distorting ant forward progress we are making and give quotes and sound bites that have no substantial basis and they claim it came from a silent source just as the reliable CNN journalism. And after the blood was smeared, who knew? It was completely false. The Stock Market is trading higher on good earnings and Jobless Claims not seen since 1969. Traders are hoping to see a trade pact with China that the only obstacle is that we can cease outstanding disagreements over intellectual property rules. The U.S. Farmers and Grain Traders are wishing an agreement could be reached that would make the global economy flourish and certain countries in the E.U. would benefit with the two largest economies in the world can put their differences aside and march forward with a balance agreement fair to all sides. In the overnight electronic session the March corn is currently trading at 378, which is 1 cent higher. The trading range has been 378 ½ to 376 ¼.
On the Ethanol front there were no trades posted in the overnight electronic session for the February contract while the March contract is currently trading at 1.281, which is .003higher. The trading range has been 1.281 to 1.280 with 19 contracts traded and Open Interest climbing to 1,343 contracts. The market is currently showing 2 bids @ 1.278 and 3 offers @ 1.287.
On the Crude Oil front the market is like a baseball player on first base leaning. The fundamentals say go, go, go while the volatility and soundbites of bogus news gets him caught keeping the running of the bulls near extinction. In the overnight electronic session the March Crude Oil is currently trading at 5326, which is 13 points higher. The trading range has been 5394 to 5291.
On the Natural Gas front the weather outside is frightful and the shortage of pipelines is not delightful while weather forecasts of bone-chilling weather has not woke up the echoes as the market once again sold off the highs. In the overnight electronic session the February contract is currently trading at 3.074, which is 2 ½ cents lower. The trading range has been 3.207 to 3.047.
Have a Great Trading Day!