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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ajtj99 who wrote (11385)	1/20/2009 1:50:57 AM
From: John Pitera	1 Recommendation Read Replies (2) \| Respond to of 33421

Hi AJ, I think that we've got this bottleneck for delivery in Cushing for Crude coupled with some demand weaknesses, refineries running at 85% of capacity. I think the Price of the near by Nymex is being artificially pushed around compared to Brent and other grades and delivery points around the world. I think, it shows the thinness and lack of liquidity compared to 1 year ago. Those of you who were watching CNBC back in 1999 and 2000 for months their was talk of a half billion barrels of crude that were on tankers at various way stations around the world, as prices went up there were mentions that there was this "phantom" supply that was out there but was not being calculated. I've been rereading, once again "Reminiscences of a Stock Operator" first published in 1923 and it underscores the quintessential points that Speculation is as old as the Hills and that there are these broader cycles of market behavior over larger Macro Bull Bear cycles in Various Asset Classes. I was quite intrigued by Jimmy Rodgers comments today that all Sterling holding should be sold. I know, I have been commenting for months on end about the cross rate underperformance on Sterling and it's not like I've been a minority view, imo. As I have stated a dozen or two times on this thread. The City in London, was even more ambitious in creating a vast ocean of Structured Synthetic financial products. SIV's where the Products that could only be created in the UK as, the alchemists at Citibank etc were the only ones to Break the Gordian Knot of how to structure them.... as the Wall Street Journal demonstrated. Mr Rodgers said today, "“I would urge you to sell any sterling you might have,” said Jim Rogers, chairman of Singapore-based Rogers Holdings, in an interview with Bloomberg Television. “It’s finished. I hate to say it, but I would not put any money in the U.K.” Rogers correctly predicted the start of the commodities rally in 1999." My comment on that is ..... so when did you come to this realization? I'm going to post the Bloomberg story on this right after this post. John