Oil stagnant after bullish inventory numbers

Good Morning!

The President’s speech not only put me to sleep, but Vice President Joe Biden was caught catching some zzzzz's as well. Reviews of the speech are calling it the most misleading and dishonest speech in decades. This guy’s transparency stinks and he must go. He was quoted as saying the America he loves was people wanting to pay taxes and supporting the downtrodden. Wrong time for that quote with his spending habits and no direction in any policy.

Excuse me we have troops in Afghanistan and across the globe and he is committed to giving scholarships to college kids. Give me a break. I love to give these benefits to people that deserve a break, but we have bigger issues than that, like balancing the budget.

As the world is unraveling from Venezuela to the Middle East, Iran is aiding Syria in their crackdown on protesters. No ground troops there in two terrorist regimes and Libyan rebels are seeking a $2 billion loan for food and medicine. This president reminds me of the Chicago White Sox bullpen. No relief, just pain!

In the overnight electronic session, May crude oil is trading at 105.97, which is down 1.14 at this writing. The trading range has been 107.60 to 105.77. Pontificators are calling for $80 a barrel, and I agree we should be trading around $85 a barrel. As the extremely bullish gas inventory number couldn't keep this market to rally after Monday's key reversal tells me this market is heavy and we should see more downside barring another event in oil producing countries, or another Presidential blunder.

On the corn front, May corn is trading at 746 ¾ which is down 8 ¾ cents in the overnight electronic session. The trading range has been 760 ¼ to 745. No change in my bullish thoughts, although we may see sideways trading in the coming week with May option expiration next Thursday, April 21st.

Stay Tuned!

Have a Great Trading Day!

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