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Politicians Play Blame Game: Dave's Daily

Since the first OPEC oil embargo nearly four decades ago politicians have successfully diverted attention from their own lack of developing coherent and effective energy policies. It's no different today.

U.S. Senator Ron Wyden woke up this morning, read some polls, and then wrote a letter to the CFTC demanding a clampdown on speculators blaming them for high energy prices.

This behavior continues the irresponsible political diversion allowing politicians to not exercise real leadership. It results in little additional energy and illusionary scapegoats.  

Another commodity beat down day on Wednesday inspired by more CME crude oil margin hikes. (And, the CME just raised crude oil margins by 21% and "crack spreads" by 50%!) Meanwhile stocks fell presumably led by a disappointing earnings report from Disney (DIS).

Previously, stocks liked higher commodity prices, a weak dollar (reversing sharply Wednesday) and QE2. As to the latter, POMO is going to be much reduced going forward and may not, according to today's Fed schedule, meet their stated goal. This will sadden bulls as trading ammo will be lost.

The lead headline at Yahoo Finance stated stocks "paused" Wednesday from the previous three-day rally. This was a curious term choice since markets were hard hit by selling.

Tonight's results from Cisco (CSCO - Get Report) were a mixed bag. Of greater importance are Jobless Claims data which should confirm last week's poor report or validate Friday's NFP report.

Volume picked-up substantially from previous bullish days as again stops were hit. Breadth per the WSJ was quite negative.


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