Masters of the Futures: Top Players Reveal the Inside Story of the Worlds’s Futures Markets
Product Description
Masters of the Futures is the first book to give you direct access toNand take you inside the minds ofNthe leaders and key players in todayOs futures industry. Written in an accessible and conversational Q&A format, it is packed with the amazingly candid insights and opinions of Pat Arbor, chairman of the Chicago Board of Trade; Jack Sandner, former chairman of the Chicago Mercantile Exchange; Barry Lind, influential chairman of Lind-Waldock & Company, and other glo… More >>
Masters of the Futures: Top Players Reveal the Inside Story of the Worlds’s Futures Markets
Futures Markets
Product Description
This three volume work gives a guide to the subject of the futures market. Volume I entitled futures markets: institutions, volatility and speculation includes articles such as the simultaneous determination of spot and futures pricews; price variability and the maturity effect in futures markets; and the determinates of corprate hedging. Volume II on the pricing, efficiency, chaos and hedging af the futures markets, featuring an introduction by the editor contains … More >>
Fundamentals of Futures and Options Markets
Product Description
For undergraduate and graduate courses in business and economics, focusing on courses in options and futures. Updated and revised to reflect the most current information, this introduction to futures and options markets is ideal for those with a limited background in mathematics. Based on Hull’s Options, Futures and Other Derivatives, one of the best-selling books on Wall Street and in the college market, this text presents an accessible and student-friendly overvie… More >>
Fundamentals of Futures and Options Markets
High oil prices leave US markets flat
US INVESTORS bounced between the threat of rising oil prices and positive economic indicators to drive trading as markets ended the week virtually unchanged.
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Models of Futures Markets
Product Description
This volume presents an entirely new analysis of the economics of futures markets that will be of great interest to both specialists in the area and the generalist economist seeking a new perspective…. More >>
Outlines & Highlights for Futures and Options Markets by Carter, ISBN: 0135983681
Product Description
Never HIGHLIGHT a Book Again! Virtually all testable terms, concepts, persons, places, and events are included.look no further for study resources or reference material. Cram101 Textbook Outlines gives all of the outlines, highlights, notes, and practice-tests for your textbook. Only Cram101 is Textbook Specific. Cram101 is NOT the Textbook…. More >>
Outlines & Highlights for Futures and Options Markets by Carter, ISBN: 0135983681
Libyan unrest sends shivers through oil markets
Tripoli, Libya (TML) – Turmoil in Libya has put the global oil market into a tizzy this week, with Mu’amar Al-Qaddafi and tribal leaders both threatening to blow up pipelines and foreign oil workers fleeing the country.
But many analysts said Libya by itself can’t strangle the global supply and that the chaos that has gripped the country is unlikely to be repeated anywhere else in the Middle East, which accounts more than one-third of the world’s oil reserves.
“The direct impact of what is happening in Libya is pretty small, even though Libya is an oil exporter,” Julian Jessop, chief international economist, Capital Economics in London, told The Media Line. He said he was skeptical unrest would spread to other oil exporters. “The most dangerous domino has already fallen, which is Libya.”
Oil prices have been climbing as unrest flares up in one Middle Eastern country after another. But until they reached Libya a week ago, the mass protests had been confined to the region’s oil-poor nations – Tunisia, Egypt, Yemen and Bahrain. On Tuesday, the price of Brent crude – a benchmark for petroleum prices – reached $108.57 a barrel, its highest in two years. On Wednesday, it pulled back slightly but remained above $107.
Libya accounts for just 2.3% of global oil production, or about 1.6 million barrels a day, which makes it the second-smallest producer in the Middle East. But events in Libya have served to sow panic in global markets. Time magazine reported that Al-Qaddafi ordered his security forces to sabotage oil facilities. Earlier in the week unnamed tribal leaders who have joined the anti- Qaddafi opposition vowed to do the same thing.
Meanwhile, the foreign companies that operate Libya’s oil fields – including Eni of Italy, the largest foreign oil company in Libya, and Wintershall, a subsidiary of Germany’s BASF – have instructed their employees to leave. Reuters reported on Wednesday that Libya had declared force majeure on all oil exports, allowing producers to miss contractual obligations without financial penalty. By most estimates, Libyan production has been cut by about a fifth, or 300,000 barrels per day.
Analysts have warned that Libya could be in a for a long stretch of unrest, as both Al-Qaddafi and the opposition have signaled their determination not to pull back from conflict as has happened elsewhere in the region. But even a prolonged conflict leading to a shutdown of Libyan production could be absorbed by the world petroleum market.
Tom Kloza, the chief oil analyst at the Oil Price Information Service, told The New York Times that the Saudis could ramp up their production as much as 1.5 million barrels in days. The Organization of the Petroleum Exporting Countries (OPEC) has excess capacity of up to five million barrels, which could be on-line within several weeks.
Saudi Arabia’s oil minister, Ali Al-Naimi, said on Tuesday that his country alone has a surplus of about four million barrels per day, the Saudi Press Agency reported.
The Saudis have every interest in ensuring a sure and steady supply of oil to the West, said Jessup, who estimated that the panic sparked by Libya had added about $10 a barrel to the price of oil.” The last thing Saudi Arabia wants to do is make the West any more concerned about dependency on Middle East oil,” he said.
Among major oil producers, aside from Libya the only one to have been hit by unrest is neighboring Algeria. But Mohammed El-Katiri, North Africa analyst for the Eurasia Group, said he was optimistic that Algeria would not follow the same chaotic trajectory as Libya.
Strikes hampered business in Algeria on Tuesday, following short-lived anti-government protests on Saturday and Monday in the capital Algiers. In a bid to head-off further unrest, Algeria’s cabinet moved to lift a 19-year-old state of emergency.
Algeria went through a prolonged period of unrest in the 1990s when the government and Islamists fought each other, but the country never ceased production of oil and gas. Unlike Libya, which Al-Qaddafi has run as a one-man show, Algeria has a strong army and other institutions that would be better able to preserve order in the case of unrest.
“I don’t think the Algerian military or politicians would ever make a threat to burn oil,” El-Katiri told The Media Line. “It’s a different mentality. And, the oil and gas infrastructure in Algeria has its own private security.”
Algeria produces about 1.4 million barrels of oil daily, or about 1.7% of world production. But it is one of the Middle East’s biggest producers of natural gas, at about 81 billion cubic meters annually.
At the other end of the Middle East, Bahrain has been wracked by protests by its disenfranchised Shiite majority. On Tuesday, more than 100,000 protesters packed Pearl Square in the largest democracy rally since the start of the unrest. Bahrain produces tiny amounts of oil, but its neighbors – Saudi Arabia, Kuwait, the United Arab Emirates and Qatar – are all major energy exporters and have escaped turmoil.
Theodore Karasik, director for research and development for the Institute for Near East and Gulf Military Analysis, told The Media Line, citing the country’s Sunni-Shiite divide, that Saudi Arabia, with its own Shiite minority, could become “problematic” but that the government has the will and resources to address it.
“At this time, Bahrain is the exceptional case,” Karasik told The Media Line.
Nevertheless, Barclays Capital in a report this week warned that Middle East turmoil could cause “lasting unease in the oil markets” and push crude prices to $135 barrel. Although there is little danger of any country ceasing production altogether, unrest threatens to deter exploration and investment, said Helima Croft, Barclays senior geopolitical strategist.
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Mideast financial markets reel as Egyptian unrest marks day six
Israel (TML) – Concerns that unrest on Egypt posed a threat to the Middle East spooked the region’s stock markets on Sunday, sending shares lower, even as analysts discounted the likelihood on protests spreading.
While Egypt marked its sixth day of mass protests, forcing President Husni Mubarak to dismiss his cabinet, the Dubai Financial Market (DFM) General Index fell 4.3% to 1543.02 on Sunday, its biggest drop since August. The Abu Dhabi Securities Exchange retreated 3.7% to 2561, its lowest in fourth months. Egypt’s bourse was closed on Sunday after its main index fell 16% in the final two days of trading last week.
But Yazan Abdeen, a portfolio manager for ING Barings in Dubai, told The Media Line that investor concerns were unfounded and that there were already signs on Sunday that the initial panic had subsided.
The Saudi Tadawul All Share Index, which led the charge lower on Saturday when other markets are closed, with its key index dropping 6.4%, changed direction on Sunday, climbing 2.6%.Other Gulf indexes closed off their lows of the day Sunday.
“The underlying economic drivers vary greatly between countries. That’s why you started to see Saudi pushing back and reclaiming yesterday’s losses,” Abdeen said. “People who don’t know the region vey well worry there will be a contagion effect from Egypt to the Gulf Cooperation Council countries. But the ideology driving demonstrations in Egypt is related to poverty and unemployment. You can’t say that about the Gulf.”
Saudi Arabia, the biggest GCC country, enjoys a per capita gross domestic product of about $24,000, compared with $6,200 for Egypt, thanks to the world’s biggest reserves of oil. That underground asset became worth even more on Friday when the price of petroleum rose to nearly $100 a barrel, its highest in 28 months.
Even among the poorer countries the of Middle East, unrest has yet to materialize on the scale of Egypt or Tunisia, where protests forced President Zine El Abidine Ben Ali into exile January 14. A demonstration in the Jordanian capital of Amman attracted just 3,000 people on Friday. There were no reports of unrest anywhere in the Gulf.
Nervousness over Egypt wasn’t confined to the Middle East. On Friday, stocks worldwide plunged the most since November, with the MSCI World Index, a barometer of global stock markets, declining 1.4%.
As crude oil posted its biggest jump since 2009, Canaccord Genuity said in an investor note that 1.8 million barrels of oil per day were transported through Egypt’s Suez Canal in 2009. If the canal were to be closed for an extended period, the Canadian brokerage house said, it would add 6,000 extra miles of travel costs to bring oil from the Gulf to Europe and the U.S., raising the cost of oil.
In Israel, which has very limited economic ties with Egypt despite 30 years of peace, the Tel Aviv Stock Exchange’s TA-25 index was down 3.6% in late trading. Amir Kahanovich, chief economist and market strategist at Clal Finance, was quoted in the Calcalist financial daily as saying unrest in Egypt could interrupt exports of natural gas to Israel.
Kahanovich also expressed concern that foreign investors would lump Israel with the rest of the region and pull out of Israeli stocks out of concern over regional political stability. But Philip Thorpe, chairman and chief executive of Qatar Financial Centre Regulatory Authority, said investors would learn to distinguish the real risks.
“Investors are sufficiently intelligent to understand the distinction between North Africa and the Gulf. It’s rather foolish to call the impact of the current events on the broader region,” Thorpe told Reuters at the World Economic Forum conference in Davos.
Nevertheless, some Gulf companies have significant enough interests in Egypt that may be hurt by long-term instability or a change in the regime. For instance, Dubai’s Emaar Properties, saw its share price plummeting close to 8.3%, close to the maximum allowed by the market regulations. Air Arabia, the Middle East’s largest low-cost carrier with a hub in Egypt, saw its share price plunge by nearly 10% in early trading before clawing back some of its drop to end down 6.1%.
Dana Gas, an Emirati natural gas producer, plunged 9.9%, despite assurances that its Egyptian operations haven’t been stopped amid the protests.
But ING’s Abdeen said he was optimistic that even if Egypt undergoes regime change, the new government will be investor friendly and promarket. To meet the demands of demonstrators and end unrest, the new government will have to create jobs and provide subsidies for basic commodities, he said.
“The Egyptian government doesn’t have resources to provide subsidies without raising taxes,” Abdeen said. “But if they increase taxes there will be less spending and less job opportunities. That means they will have to attract foreign investment.”
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Trading in Choppy Markets: Breakthrough Techniques for Exploiting Non-Trending Markets
Product Description
Most trading systems and books focus on identifying trends in the marketplace. Yet futures markets trend only 15% of the time–remaining 85% of the time they are trendless and “choppy”. Barnes unprecendented book on how to make money in all markets gives you 20 proven trading methods that will prepare you for virtually every trading situation. Sample methods and results include: Acceleration Principle (Silver) -46/54 trades profitable, average profit per trade 214… More >>
Trading in Choppy Markets: Breakthrough Techniques for Exploiting Non-Trending Markets
Volume and Open Interest: Cutting Edge Trading Strategies in the Futures Markets
Product Description
Volume, the number of contracts traded during a trading session, and open interest, the total of all unclosed positions at the end of a trading session, have been used as technical indicators of market trends for over 140 years! Yet this is the first book, ever, devoted solely to these critical indicators. Written by Ken Shalen, internationlly known futures trader, educator and market advisor, ‘Volume and Open Interest’ is the definitive source for understanding h… More >>
Volume and Open Interest: Cutting Edge Trading Strategies in the Futures Markets
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