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For the first day of my first trading internship on Wall Street, I wore all black. I didn’t look like Johnny Cash either. This was the all black Canadian men’s suit, fully loaded with the black silk dress shirt. I am married now, and I know better…

Bernanke may as well wear all black on Wednesday. If he panders to the political compromise of Burning The Buck, that is…

Without signaling any change in rhetoric on interest rates, the US Dollar is setting up to retreat to new YTD lows. As the Buck Burns, we will continue to see Reflation’s Rotation (year-over-year deflation morphing into Q4 reported inflation).

We will be holding our Macro Monthly Strategy call on Wednesday to go through our fundamental thoughts on the black stuff that gets marked-to-market globally ever day. The price of West Texas Crude Oil continues to breakout across all 3 of our investment durations (TRADE, TREND, and TAIL – see charts attached).

If Bernanke panders and the Buck breaks down further, watch for him to be wearing the price of a 9 handle on Black Gold come Q4 of 2009.

KM

Keith R. McCullough
Chief Executive Officer

 Chart of The Week: Bernanke's Black Gold - a1