The dominating fundamental is convergence.
As we have seen in the wheat market, this has been a struggle. While I am also a fundamental trader, the world has moved on from my simple belief in that good weather and ample stocks will drive a market lower. Ultimately this is the case but the market may drive you out on the upside because of some other macro movement.
Our exchange, and other exchanges, want customers for their products. They continue to cater to the big dollars that are the funds and large institutions. When all of these players have their capital at work, they may be forced to liquidate certain positions (winners or otherwise) to meet margins in their core products as the macro environment may force their hands.
All products have a capital correlation in crazy times.
