In Review:

Volatility continues to rule the commodity world.  Mid-term elections, global event concerns, and interest rate considerations have all added to the hectic pace in the markets.

The global economies continue to appear strong.  Demand from China and India though slower than the beginning of the year remains robust.  The next Fed meeting is scheduled for December 12th and their decision will be closely monitored.  The Fed stopped raising rates at their last meeting and now the question to be answered is "what will they do next?".  The answer will have far reaching results both in the U.S. and abroad.  Economic strength and prospects for the months ahead will dictate their move.

We have said many time since 2005 that increased volatility would be the norm moving forward. The volatility has certainly been there and with demand for all commodities strong we look for continued upward movement in the markets. In our opinion, inflation should still be a concern.  Users of the futures and options markets will have the opportunity to position for the upcoming moves.  Those taking the standard "buy and hold" stance in the more traditional stock and bond investments will have tremendous challenges ahead.  We believe the next few years could be the most opportunistic for futures investors since the 1970's.  Remain vigilant for opportunities.

As always, we continue to monitor the markets for those opportunities.  We look forward to the months ahead and encourage you to contact us with your thoughts and questions.

Thank you for your continued support and confidence.

Sincerely,

Mitch LaRocca, Jr.