ade alert. There are a lot of markets closed today. It’s August and no big numbers are on the economic calendars. Volumes have been thin. The news has hardly been encouraging. And the price action has seemingly had little probative value. Yet that really isn’t the case. Traders are being punished for trying to maintain hedges and we continue to follow the pattern where things look rosy until the short-covering runs out of steam and then prices sag.