Comment Text:
Enrique Moreno
366 S. High Bench Rd.
Alpine, UT 84004-1713
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Just as it happened in 2008, excessive speculation is hurting the economy this year.
Is it reasonable that speculators have raise their position in energy market by almost 64% compared with to June 2008?
We need meaningful, effective speculative position limits to restore balance to commodities markets and ensure that they are connected to market fundamentals, so that they fulfill their price-discovery function properly and without distortions caused by excessive speculation.
Therefore, I:
a) support an immediate adoption by the Commission of the spot-month speculative position limits; b) urge the Commission to adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; c) urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels; d) urge the Commission immediately consider the adoption of a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and e) urge the Commission to adopt lower speculative position limits for passive, long-only traders.
Since time is of the essence, I urge you to act as quickly as possible.
Our severely damage pocketbooks and the broader economy depend on it.
Sincerely,
Enrique Moreno
8016424681
