Blame Game! Friday, November 20, 2009 by Phil Flynn of PFGBEST

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, November 25, 2009 due to the closure of the Federal government on Thursday, November 26. That is good news because most traders will not want to be around on Black Friday!

Start the weekend right by watching the Fox Business network where you can see me every day! PFGBest can fulfill all your trading needs! Futures Stocks and Securities and Cash Metals! Call me to find out how at 800-935-6487 or email me at pflynn@pfgbest.com to open your account.   

 

 

Recent articles from this author

• Pigs in Space - Friday, February 05, 2010
• Worms in Space - Thursday, February 04, 2010
• You Have Got to Love that Groundhog - Wednesday, February 03, 2010
• What is Good for Exxon Mobil is Good for America. - Tuesday, February 02, 2010
• Crude Crush - Monday, February 01, 2010

About the author

Phil Flynn is Energy Analyst and General Market Analyst with PFGBEST (www.pfgbest.com). Phil is one of the world’s leading energy market analysts, providing individual investors, professional traders and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline and energy markets. Phil’s market commentary, fundamental and technical analysis, and long-term forecasts are sought by industry executives, traders and global media.

Because he has been available to media around the clock, even during some of the most turbulent market periods in history, and because he has built a solid reputation for accuracy in his market analysis and forecasts, through thousands of interviews and broadcast appearances for more than a decade, Phil Flynn has become a headline-making name even as he continues to provide expert advice and customer care to his proprietary trading account clients.

Media highlights include: CNN, CNBC, Bloomberg, ABC, CBS with Katie Couric, NBC’s “Today Show” and “Nightly News with Tom Brokaw”, FOX’s “O’Reilly Factor”, PBS’s “The Newshour with Jim Lehrer” and “Nightly Business Report”, MSNBC’s “The News with Brian Williams”, Wall Street Journal Report, The Wall Street Journal, Business Week, Investor’s Business Daily, The New York Times, The Los Angeles Times, Chicago Tribune, Associated Press, The Toronto Globe & Mail, Houston Chronicle, Futures Magazine, National Public Radio’s Marketplace, a chat with the President of the United States, and many more venues.

You can read Phil’s daily market analysis and blogs at www.pfgbest.com.

PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect™ platform, and numerous other platforms and applications.

Phil’s commitment to and experience in futures trading is documented in two books, The Mind of a Trader (Financial Times/Pitman,1997), and Trading Online (publisher, date), both by Alpesh B. Patel. Phil is a lifelong resident of Illinois. He attended Daley College in Chicago before beginning his career on the trading floor of the Chicago Mercantile Exchange.

Phil Flynn
Phone: 800.935.6487
Email:pflynn@pfgbest.com