DEC 08

[12/08] It looks like OMICRON effect goes weaker and weaker day by day. World equity market recovered again today. US Stock indexes were all up again. DJ up 0.1%, S&P up 0.3% and NASDAQ up 0.6%. Still, big IT companies are leading the way. Vaccine manufacturers such as Moderna and Pfizer are saying that they will be ready soon for this new variant. So, what was all those fuss for past 2 weeks? Who sold their equities and who bought them well? What was hidden behind all that OMICRON issue? Always many questions left behind…USD retreated a bit and oil recovered big again. Brent oil futures ended at $75.83, 38 cents up from yesterday. Recently, Energy analysts were asking around to those revived US shale oil guys about what crude oil level would be stable enough for the world. They are saying $80~$100 per barrel ranges would be stable enough… Of course, they want higher oil price… but that $80~$100 price ranges become quite norm these days. If most of oil players agreed on those level as stabilizing, including OPEC members, then that would be the most realistic numbers for the crude oil market. Let’s wait and see…In Ag market, Still, US EPA numbers were affecting the market, soybean oil dropped another 2.7% today but soybean and meal were up. Biodiesel industry in USA night need another reform soon. What would those refineries like Valero, invested huge money into the bio diesel plants, what are they going to do? A lot of Intermarket spreading were trading today. That means, players are not so sure what to do, they might want to see some USDA numbers tomorrow. Chinese didn’t buy anything today. They might need some cooling time to digest that Olympic boycott news from US and other countries. Is China a real evil country and others are clean and good? When Hitler held Olympic in Berlin in 1936, who boycott that? Southern Brazil and Eastern Argentine, still need some rains now. CONAB says 95% of soybeans planted so far and 78% of first corn crop planted well… Tomorrow is USDA WASDE day... Let’s wait and see...

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Chun09

Chun09

Trying every day, engraving what we’ve been through