Let’s all try to agree on someone to blame. I mean can we at least have some bi-partisan blaming?
Yesterday, before the Congress Joint Economic Committee, there was some exciting and heated exchanges between Treasury Secretary Tim Geithner and some House Republicans. There were fireworks as Republican Rep. Kevin Brady of Texas blamed Geithner for a major role in creating the economic mess we are in when he was the president of the New York Federal Reserve Bank while all the problems were going on. He called on Mr. Geithner to take some responsibility. Mr. Geithner shot back, "What I can't take responsibility is for the legacy of crises you've bequeathed this country." (Wow! This is great!) Republicans going after Democrats, Democrats going after Republicans! I thought it would come to blows.
Perhaps to cool things off a bit we should agree on someone else to blame. Blame Canada! No, I mean blame China! That’s right. That's the ticket; let's just blame China! Senator Charles Schumer said it is China’s fault that we had a global economic collapse. Why? Well because they manipulate their currency! Not only that Senator Schumer says there are certainly hundreds of thousands and maybe even more Americans who are out of work because the Chinese are unfair and manipulate their currency. Senator Schumer says that’s nothing more important than this calling for tariffs on Chinese imports in retaliation. Perhaps this kind of talk is giving a boost to the dollar but more than likely it is good old fashion pre-holiday week profit taking.
For oil the major support is still $75 and resistance around $83 and it is unlikely that oil can really break out of this trading range until the end of the year. We will see light volume next week so be on guard for some goofiness but the bullish influences of economic policies are being offset by ample supply. Today is that last trading day on the December contract so we will be on guard for even more goofiness. We will be day trading January so call for levels.
Attention natural gas traders! Turkey Day is coming fast. So give thanks that the Weekly Natural Gas Storage Report will be released a day early at 12:00 PM (Eastern Time) Wednesday, Nov. 25, 2009 due to the closure of the Federal government on Thursday, Nov. 26. That is good news because most traders will not want to be around on Black Friday!
Phil Flynn is senior energy analyst for PFGBest Research and a Fox Business Network contributor. He can be reached at (800) 935-6487 or at email@example.com.