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I’ve recently been a poor “digest” editor since being recently unaware of some new commodity-based ETFs/ETNs that are coming from Lehman Bros, Barclays and, when approved, an ULTRA commodity ETF from ProShares. Simultaneously, I’m doing some media interviews regarding commodity ETFs. Is that the proverbial “tell” that the overall commodity rally is either coming to an end or at least due for a break?

Games? Well, we’re heading to the end-of-month and it’s time for the bulls to pull out all the stops to show at least a positive month. And, the large brokers are intent on managing things with AMBAC (ABK) so as not to have to mark down the securities the former is insuring on their books. Failing that would require a very difficult net capital calculation and big trouble.

You really have to wonder about the quality of the rating agencies. If they’re wrong about AMBAC for example, will they have any credibility left? Or, will they count on our short memories? There’s a lot riding on the call they made yesterday.

Have a pleasant day.

Disclaimer: Among other issues the ETF Digest maintains long or short positions in SH, MYY, RWM, PSQ, IEF, GLD, DBC, DBB, DBA, DBE, UNG and EWZ.