Sell DAX Futures (GXU5)@4638
Time Stop=July 7, 2005

I found the following comments out of OPEC earlier today fit well with the Putin/Bush tug-of-war being wagged: “OPEC says ‘biggest concern’ is Russia; sees significant cut in output.” So we have the Saudis ramping production, while Putin puts the brakes on his nation’s outflow…heading into the prime-time Summer driving season. Crude marches higher>>systemic inflation builds>>pushing capital into risk-assets>>while UST yields remain subdued>>causing Greenspan’s conundrum headache to throb. We are witnessing Russia’s re-emergence as a global power in front of our eyes.