All is well Monday, March 08, 2010 by Phil Flynn of PFGBEST

 

The Energy Report for Monday, March 8, 2010

All is well. One dose of a better than expected jobs report and all our troubles just go away. Traders fearful that snow storms would have added to the countries employment woes were pleasantly surprised when Friday’s employment report seemed to suggest that it's not quite as bad as feared. The February unemployment rate held steady at 9.7%, with 36,000 jobs lost. The consensus expectations were for the unemployment rate to climb to 9.8% and for 65,000 jobs to be lost.

Now if that doesn't make you feel good enough on a Monday, then perhaps news that the French say they will stand behind Greece and their economic crises. Or maybe we have to take away some of those good feelings. Is it possible that building concerns over credit in China could wipe away these good feelings? Bloomberg News reports that, “China plans to nullify all guarantees local governments have provided for loans taken by their financing vehicles as concerns about credit risks on such debt increases." Bloomberg says that, "The Ministry of Finance will also ban all future guarantees by local governments and legislatures in rules that may be issued as early as this month," Yan Qingmin, head of the banking regulator’s Shanghai branch, said in an interview. The ministry held meetings on the rules on Feb. 25 with regulators including the China Banking Regulatory Commission and the People’s Bank of China.

These worldwide happenings in China and Greece could be significant as it may call into question everything oil bears believe about the market.

Call me for the latest updates at 800-935-6487 or email me at pflynn@pfgbest.com to open your account and see me every day on the Fox Business Network.  

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About the author

Phil Flynn is Vice President, 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, investors and media worldwide.

Through hundreds of media interviews, Phil Flynn and PFGBEST have become familiar names in living rooms and boardrooms worldwide. The world's print, broadcast and online media have come to rely on Phil's timely and animated forecasts and analysis.

Media highlights include: The President of the United States, Bloomberg, ABC, CBS, NBC's "Today Show" and "Nightly News with Tom Brokaw", CNBC, CNN/ CNNfn, 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 and National Public Radio.

Phil's daily market analysis can be viewed at www.PFGBEST.com. He has been featured on MarketWatch.com, ino.com and futuresource.com.

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.