3 Arab dictators in 2 months? Seems darn likely. I doubt Gadhafi survives until the weekend if it proves true that he has used foreign mercenaries against his people and members of his officer corps have defected to Malta.
Front month Oil is up $8, and December 2012 is up over $5 to $102.50. I could be wrong but it would seem that we are back in that 2008 time warp...
The shorts on the commodities side are getting murdered... blood is everywhere. 10 year Treasuries are up 12 ticks, most of that is the US$.
The backwardation in Corn is pretty bad... whatever is up with crop prices, the market seems to expect a steep decline over the next 21 months - Front month corn is $7.15 and Dec '12 corn is $5.40.
Makes your head hurt.
Read this article on food supplies, harvests, and inventories... read the last paragraph twice. Maybe three times. This is "a mystery, wrapped in a riddle, inside and enigma...."
Back to the convulsions in the MENA
There is simply no containing this thing. Saudi Arabia, Algeria, Iran... the train left the station, not sure of the arrival time....
An Oil shock can come at any time... but the odds of us getting one before the end of next year is pretty good.