The ICE daily CER firmed 2 cents on Friday, closing at 0.84 EURO (+2.44%). Trading seemed to be mostly short covering and pre-Doha optimism. With constant new ERU and CER supply hitting everyday, the market remains significantly long. Today is the first day of the Kyoto Protocol conference in Doha, but barring a miracle it looks to become an unresolved disappointment like similar conferences before it. It seems like trading regimes are migrating from global to regional mechanisms, each with their own bilateral integration process. Without meaningful commitments from current Kyoto countries like Russia and China, the market awaits the USA to step up. But that political process has been frustratingly slow as America's mainstream media and government -- until Hurricane Sandy -- fairly could be referred to as loud climate change skeptics.