USO has over 100,000 NYMEX contracts (long).
http://www.wallstreetcourier.com/technician/traders-commitments/traders-commitments-crude-oil.htm
CFTC prepares crackdown on speculators
- Thread starter stock777
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USO has over 100,000 NYMEX contracts (long).
http://www.wallstreetcourier.com/technician/traders-commitments/traders-commitments-crude-oil.htm
Excuse me, but you are WRONG.
The CFTC has nothing to do with the position limits on the energy futures that trade on the NYMEX. It is the exchange itself that sets the limits.
The CFTC sets position limits on Agricultural futures contracts such as wheat, corn, and soybeans - - - not ENERGY futures.
CFTC Chairman Gary Gensler said Tuesday the CFTC will hold hearings this summer to consider imposing position limits for "all commodities of finite supply." The agency will also review whether swap dealers, index traders and exchange-traded fund managers should be allowed to get around those limits through special hedge exemptions.
Dear Leeches,
your days are numbered. try learning a skill, like mugging little old ladies.
Dear Leeches,
your days are numbered. try learning a skill, like mugging little old ladies.
Anyone read nutcase Jim Cramer's rant on this in today's RM? The guy really needs to take a long vacation. He made even less sense than some of the posters here, and that is saying a lot. He has been desperately trying to suck up to the Obama administration since his ritual humiliation courtesy of Jon Stewart. Guess this was part of it, but he is rapidly losing any credibility.
Bottom line is, it is not easy to draw the line between investing, trading, speculation and manipulation. Everyone would agree that outright manipulation is wrong, eg false reporting of positions or phony trades. If I decide to buy a lot of spot crude and store it on a tanker and sell into the forward market though, what is wrong with that? If specs drive up futures prices, as Cramer seems to be trying to argue, there are only two possible outcomes. Either they liquidate or they take delivery. Each alternative will exert a downward force on prices, either now or in the future. Guys like Cramer can't seem to grasp this aspect of futures, maybe because they are stock traders and don't understand the zero sum nature of futures.
Bottom line is, it is not easy to draw the line between investing, trading, speculation and manipulation. Everyone would agree that outright manipulation is wrong, eg false reporting of positions or phony trades. If I decide to buy a lot of spot crude and store it on a tanker and sell into the forward market though, what is wrong with that? If specs drive up futures prices, as Cramer seems to be trying to argue, there are only two possible outcomes. Either they liquidate or they take delivery. Each alternative will exert a downward force on prices, either now or in the future. Guys like Cramer can't seem to grasp this aspect of futures, maybe because they are stock traders and don't understand the zero sum nature of futures.
Let me take a wild guess. You voted for Dubya 3 times.
The fog of retardation is readily apparent.
Apparently the fog is thick enough to where you fail to comprehend the difference between malicious speculation and normal market hedging by producers and end users.
According to your half witted theory, GS should be able to buy the entire Sorghum production of Mali, hoard the harvest creating a artificial food shortage and driving up prices, lock in future contracts at exorbitant prices and then once the contracts are in place,go short and flood the market.
There is a reason some countries have the death penalty for food hoarders. We should apply the same medicine here and with people like you.
You imbeciles confuse efficient markets with inefficient market manipulation.
According to your foggy retarded brain, the Hunts should also have been able to savage the silver markets a decade ago.
The fog of retardation is readily apparent.
Apparently the fog is thick enough to where you fail to comprehend the difference between malicious speculation and normal market hedging by producers and end users.
According to your half witted theory, GS should be able to buy the entire Sorghum production of Mali, hoard the harvest creating a artificial food shortage and driving up prices, lock in future contracts at exorbitant prices and then once the contracts are in place,go short and flood the market.
There is a reason some countries have the death penalty for food hoarders. We should apply the same medicine here and with people like you.
You imbeciles confuse efficient markets with inefficient market manipulation.
According to your foggy retarded brain, the Hunts should also have been able to savage the silver markets a decade ago.
Actually, its people like you that don't trade for a living or have even the slightest clue about how commercials and specs are "classified" by the CFTC that lends itself to ZERO credibility.
HINT: The CFTC classifies large investment banks and other swap dealers as "commercials" - - - the same category it uses for more traditional investors in the physical oil market such as oil companies and airlines.
You would think that the guy with over 10,800 posts on Elitetrader which actually trade for a living and have some BASIC KNOWLEDGE of how the futures markets work and how the CFTC classifies the participants and what kind of advantages those participants have over each other . . . but "AAA" continues to show everyone just how uninformed he really is.
And people actually wonder why the content on ET has gone down the tubes the last several years.
Go figure.
Well now....
GS, MS....the last big take to 147.....and word is....the take is big on the last double....coupled with the self fulfilling high price call....
Next on the list.....Cap and Trade....
Look.....I hope GS, MS and the rest flood the trading highway with names to trade.....especially the developing, rising players with the brightest futures....ie China,etc,....
But finite commodity price hassles namely food and fuel are a different issue....
GS, MS and the rest.... need some fresh new blood to take....
Personally I hope they turn every decent private business on the planet into CS to supply the new worldwide SE....especially China's....
GS, MS....the last big take to 147.....and word is....the take is big on the last double....coupled with the self fulfilling high price call....
Next on the list.....Cap and Trade....
Look.....I hope GS, MS and the rest flood the trading highway with names to trade.....especially the developing, rising players with the brightest futures....ie China,etc,....
But finite commodity price hassles namely food and fuel are a different issue....
GS, MS and the rest.... need some fresh new blood to take....
Personally I hope they turn every decent private business on the planet into CS to supply the new worldwide SE....especially China's....
If you actually understood the "Cap & Trade" legislation that recently passed the House and is heading to the Senate, you would know that 80% of the pollution credits are being given out for FREE by the Government, and not auctioned off as they would ideally be if the legislation wasn't so
"watered-down".
Why and how did it get so "watered-down"?
Corporate America had already (long ago) figured out whose vote to "buy" . . . hence the "water" job.
Lots of ideals.
But "business" as usual.
Might not even make it out of the Senate.
................................................................
Just to clarify....
Will be another class of secs to trade....
Created by the stroke of a govt. pen....
Will take a while.....but could be of some significance....
MS GS others should/do....keep their people on top and ears to the ground for another prospect.....
Just another trading item....
Something is going to happen....
By the way....were cellular rights not free at the beginning....?