Seems that my assumptions on ERY were spot on for the past 17 sessions. As we finally get the news today that speculation in the oil pits is going to potentially face some restrictions. The rogue trade at PVM last Tuesday I believe was the tipping point, although this has most certainly been in the works.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a1.QbgWdF8aY
http://www.nytimes.com/2009/07/08/business/08cftc.html?partner=rss&emc=rss
http://www.cftc.gov/stellent/groups/public/@newsroom/documents/pressrelease/genslerstatement070709.pdf
Cramer's take is similar to my own.
http://www.cnbc.com//id/31781232
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