The ICE daily CER fell another 2 cents on Thursday, closing at 0.73 EURO (-2.67%). Four days in, Doha appears locked in predictable decision paralysis - with more emphasis focused on what is not happening rather than what is happening. At some point prior to the conference's end on 7 December - which is Pearl Harbor Day in the USA - the country representatives will whip some framework "agreement to agree" out of the squabbling and this agreement will give a quick bounce back into the market. But more likely than not, it will be a dead cat bounce. From the Doha evidence thus far, major emitters continue to lack the political will to address climate change in a meaningful way or to put concrete cooperative steps down to paper. The USA and Russia have sent early signals they are not interested to set forth firm commitments on their sides until they see every other country making similar commitments - essentially filibustering. Cheap ERUs and CERs continue to flood the market particularly through JI's Track 1 back door, and this looks to accelerate for the rest of the year. There will be no demand spike for carbon credits to effectively offset supply growth, due to the global economic slow down.