CS Cuts AA 2009 EPS Forecast from $1.50 to $0.15
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EUR/USD Consolidating Just Above 1.3420
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BoC To Auction C$2bln In 28 Day TLF on Jan 12
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BoC To Auction C$1bln In 14 Day PRA on Jan 12
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C, MS in Talks to Merge Brokerage Units --CNBC
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Merkin Leaving GMAC Board
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C: Rubin Will Stay on as Director Until Term Expires --CNBC
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Moody's Puts FDX (Baa2) on Outlook Neg
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WSJ reports Robert Rubin is "tired of defending" his Citi tenure
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Rubin Leaving Citigroup --WSJ
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NY FED Board Will Meet Tomorrow to Consider Geithner Replacements --Reports
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Boeing to Cut 4,500 Jobs --WSJ
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'Wickedly Nasty' Recession; Zero Upward Pressure on Rates --Pimco's McCulley on Bbg TV
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Pemex: Fisherman Protest at Salina Cruz Terminal Jeopardizes Shipments
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YHOO Likely to Pick Decker, Bartz, or 3rd Candidate for CEO Next Week
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Crude Down 3.5% at 40.27
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Exxon: Planned Repairs to Torrance, CA Refinery (150k BPD) Include Hydrotreater, Alky, Sulfur, FCC Units
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10yr Up 0.75% at 126-08
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Exxon Closes Units at Torrance, CA Refinery (150k BPD) for Maintenance
::
Barclays Cuts J Crew from $10 to $5
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Whats the sense in trading the traders? William Essex closes our discussion of commodities with a look at the changing behaviour of the markets themselves. Might the electronic effect, and within that a distinct algo effect, itself become a factor in a commodity-trading strategy?

Machine versus Man versus Machine?

Darryl Hooker

Algo traders want to do high-frequency trading in markets they can agitate,” says Darryl Hooker, Emerging Market Manager at ICAP Electronic Broking, in the course of a lengthy discussion of the impact of specifically algo trading on commodities markets (in ICAP’s experience, gold, silver, platinum, palladium) and vice-versa. “Algo trading drives average ticket size down, but it encourages a far greater number of trades,” says Hooker. Interestingly, Hooker adds that there’s also a time-zone factor: however deep and liquid a product might look, there’s much less take-up via technology in Asia and Japan than in Europe and the US. ...

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