First day of an important month, June. First day of a month when people usually are liquid enough to send money to mutual fund managers. That means we can expect a ramp. We can expect that these prices will hold for a bit because of the tremendous amount of money coming in. In the old days, before the bear, we used to call this "mutual fund Monday," the day mutual funds would get word from the mailroom and customer service that huge sums were on the way. The managers then would buy futures to be sure they had invested the sums as they came in. That's exactly what is happening today. Amazing, isn't it? The reason it seems particularly violent now is because the hedge funds don't get the fund flows. They are still dealing with the fundamentals, silly folks, and can't recognize that the old ways are once again in force. Mutual fund Monday, welcome back!