Earlier in the summer we ran the chart as a "commodity" that would likely go up into the December Paris Confab. The report was done as a spoof.

The rally set a high of 8.70 going into "Paris".

The plunge to 7.90 suggests the market had fully discounted a huge increase in demand for a phoney product.

Otherwise, "carbon emissions" trades with real commodities. The big highs were with the cyclical peaks for real commodities in 2008 and in 2011.

The decline could run for years.

Our price target for the Carbon Emissions contract is 400 ppm.