A nice big break in the energy sector and news out of the Middle East once again is getting on traders nerves. The latest is Syrian soldiers shot for not firing on protesters. Again with fears in the Middle East and lack of results in leadership in our role in North Africa and high prices at the pump as we rollover to the summer driving season, the consumer and traders are asking, “What next?”
We need an energy plan implemented that will stay on course and set the infrastructure for shale and keep pace with offshore drilling. This will curb imports and make America self sufficient. We won't have to worry about shortages because of problems around the globe and not pay enemies of the state money to further enact their evil policies.
My fellow Americans, let's not cut off our nose to spite our faces. The time is now to implement these changes for the good of the economic recovery which will produce more American jobs and the good of the country. Therefore, not giving money to a dictatorship that will hold us hostage.
In the overnight electronic session, May crude oil is trading at 106.63 as I write, which is up 38 points. The trading range has been 106.97 to 105.37. As traders are calling the latest break in the market the Goldman Sach's break, I'll call it a well deserved break and just what the doctor ordered. We all know this market is overpriced and hopefully things around the globe will calm down and the selloff will continue. When the headlines slow down we must remember how we got in this predicament to begin with and not repeat mistakes when we have the energy wherewithal in our own backyard.
On the corn front, May corn is trading at 757¾ which is up 5¼ cents at this writing in the overnight electronic session. The trading range has been 760 to 750. This market had its selloff like the other basket of commodities. In the big picture we continue to look at weather for planting, acreage, acreage and acreage. Also keys are Brazil's crop usage for Ethanol and CARRYOVER if any! No changes here, I remain bullish Corn.
Have a Great Trading day!