0
A backwardation is a situation in a futures market where prices for future delivery are lower than prices for immediate delivery.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
What is backwardation in commodity markets?
In short, whether we have Backwardation or Contango depends on how the expected future spot prices are quantified and how the related commodity strips behave. Contango and Backwardation in Common Usage Investment professionals on financial TV channels and in newspapers colloquially refer to upward trends in futures prices as contango and downward trends in futures prices as backwardation. Contango and Backwardation in Economic TheoryIn economic theory regarding Backwardation and Contango, associated with John Maynard Keyns and John Hicks, for Contango to exist, expected spot prices (someday in the future) have to be lower than current futures prices for the same future moments, and reverse has to apply for Backwardation. Thus whether we have a contango or bacwardation depends on an arbitrary forward estimate of spot prices. For example, if we estimate that today's spot price, price at which a physical commodity is trading today, is an expected spot price someday in the future, and we see an upward trend in a commodity strip (series of future contracts prices), we see a contango. On the other hand, if the futures prices in a commodity strip trending upwards are considered unbiased estimates of the expected future spot prices, meaning they are equal, there is no Contango or Backwardation to speak of. By the way, upward trend of estimates may be a result of storage expenses.
Is the meaning of backwardation and contango used in finance textbooks the same as the colloquial meaning used by Wall Street?
In short, whether we have Backwardation or Contango depends on how the expected forward spot prices are quantified and how the related commodity strips behave. Contango and Backwardation in Common Usage Investment professionals on financial TV channels and in newspapers colloquially refer to upward trends in futures prices as contango and downwards trends in futures prices as backwardation. Contango and Backwardation in Economic TheoryIn economic theory regarding Backwardation and Contango, associated with John Maynard Keyns and John Hicks, for Contango to exist, expected spot prices (someday in the future) have to be lower than current futures prices for the same future moments, and reverse has to apply for Backwardation. Thus whether we have a contango or bacwardation depends on an arbitrary forward estimate of spot prices. For example, if we estimate that today's spot price, price at which a physical commodity is trading today, is an expected spot price someday in the future, and we see an upward trend in a commodity strip (series of future contracts prices), we see a contango. On the other hand, if the futures prices in a commodity strip trending upwards are considered unbiased estimates of the expected future spot prices, meaning they are equal, there is no Contango or Backwardation to speak of. By the way, upward trend of estimates may be a result of storage expenses.
What is contango in commodity markets?
In short, whether we have Backwardation or Contango depends on how the expected future spot prices are quantified and how the related commodity strips behave. Contango and Backwardation in Common Usage Investment professionals on financial TV channels and in newspapers colloquially refer to upward trends in futures prices as contango and downward trends in futures prices as backwardation. Contango and Backwardation in Economic TheoryIn economic theory regarding Backwardation and Contango, associated with John Maynard Keyns and John Hicks, for Contango to exist, expected spot prices (someday in the future) have to be lower than current futures prices for the same future moments, and reverse has to apply for Backwardation. Thus whether we have a contango or bacwardation depends on an arbitrary forward estimate of spot prices. For example, if we estimate that today's spot price, price at which a physical commodity is trading today, is an expected spot price someday in the future, and we see an upward trend in a commodity strip (series of future contracts prices), we see a contango. On the other hand, if the futures prices in a commodity strip trending upwards are considered unbiased estimates of the expected future spot prices, meaning they are equal, there is no Contango or Backwardation to speak of. By the way, upward trend of estimates may be a result of storage expenses.
When do backwardation and contango trends occur in commodity markets?
Backwardation trends are often occurring under expectations for oversupplied markets where buyers dictate conditions. Backwardation trends are common for non-perishable commodities perceived as abundant, inexpensive, and expensive to store. Crude Oil and Natural Gas were in the past frequently viewed as such. Contango trends are often occurring under expectations for undersupplied markets where sellers dictate conditions. Contango trends are common for scarce, expensive (forgone alternative interest is a huge factor), non-perishable and expensive to store commodities like Gold.
Why do gold dealers who sell physical gold charge so much more than the price quoted for paper gold contracts?
Gold is currently in backwardation. This is an unusual state in which one can contract to buy gold at a future date for less than one can sell gold today. The reason for this is hotly debated, but many believe the paper price is being artificially depressed by central banks in order to maintain confidence in their fiat currencies.
What does it mean that the futures contracts are in contango?
The simple answer: When the the futures contract price is higher than the expected spot price when the contract becomes due, or during the lifetime of the contract. When the contract becomes due, the price should be exactly or very close to the spot price (the price of the commodity right now) on the day that it is due. But more often than not, this is not the case. So there would be a decline in prices as the contract approaching the last trading day (or even last minutes of trading that day) as the 'future price' is then matched to meet the spot price. Non-perishable commodities such as oil or gold are typically contango, as it would cost money to insure, store, etc the underlying commodity. This would make the 'future' price of a contract 12 months from now greater than the spot price to buy the same barrel of oil today. Remember, one of the objectives of futures contracts is for suppliers to lock in a price to guarantee that they will have xx barrels of oil, gold, etc in the future at $yy.yy sales price today. Contango is just an adjective that describes the actual phenomena of the futures price falling to line up with the spot price as the contract approaches maturity. The opposite of contango is backwardation.
What is roll yield in futures investing?
Investment in a commodity index generally entails (i) the bulk of the investment's being put into secure instruments such as Treasury bills and (ii) the remainder of the investment going into futures. The most liquid futures tend to be those in the very near term, and they usually have short maturities, typically 1 month, so investment in liquid futures means investing in a contract that is likely to mature in the near future. Given that the investment term in the index is open-ended, the futures investment component is going to move from one future to the next succeeding future during the life of the underlying index investment. For example, a 5 year investment might involve a change in the underlying futures on 60 monthly occasions. The investment is "rolled" from one futures contract to the next at which time if the price of the expiring contract is higher than the replacement contract (positive roll yield), selling the expiring and buying the replacement will yield a positive cash result. If the replacement contract is higher in price than the expiring contract, the reverse is true (negative roll yield). This can be visualized by considering that the initial futures investment is at a point on a curve of futures price (y-axis) v. time (x-axis). For the most liquid commodities such as crude oil and natural gas, monthly futures contracts are priced from next month right out to a point more than 5 years from today. If, moving out in time, successive futures prices are higher, the price curve is said to be in "contango". If the later prices are lower, the curve is said to be in "backwardation". A moment's consideration should show that a positive roll yield will occur in a backwardated curve, while a negative roll yield will occur in a contango curve. This is because the initial investment point on the curve moves to the left as time elapses and contract roll is approached. Moving to the left in a backwardated curve would mean the the price of the contract that the investor currently holds will rise (if nothing else changes in the market, and the spot price of the commodity is constant). At the point of rolling, the point on the curve jumps back to the right as a new contract is purchased. In a backwardated curve, this point to the right must be below the price point at which the contract was rolled, i.e. a positive roll yield. Investment in a commodity index generally entails (i) the bulk of the investment's being put into secure instruments such as Treasury bills and (ii) the remainder of the investment going into futures. The most liquid futures tend to be those in the very near term, and they usually have short maturities, typically 1 month, so investment in liquid futures means investing in a contract that is likely to mature in the near future. Given that the investment term in the index is open-ended, the futures investment component is going to move from one future to the next succeeding future during the life of the underlying index investment. For example, a 5 year investment might involve a change in the underlying futures on 60 monthly occasions. The investment is "rolled" from one futures contract to the next at which time if the price of the expiring contract is higher than the replacement contract (positive roll yield), selling the expiring and buying the replacement will yield a positive cash result. If the replacement contract is higher in price than the expiring contract, the reverse is true (negative roll yield). This can be visualized by considering that the initial futures investment is at a point on a curve of futures price (y-axis) v. time (x-axis). For the most liquid commodities such as crude oil and natural gas, monthly futures contracts are priced from next month right out to a point more than 5 years from today. If, moving out in time, successive futures prices are higher, the price curve is said to be in "contango". If the later prices are lower, the curve is said to be in "backwardation". A moment's consideration should show that a positive roll yield will occur in a backwardated curve, while a negative roll yield will occur in a contango curve. This is because the initial investment point on the curve moves to the left as time elapses and contract roll is approached. Moving to the left in a backwardated curve would mean the the price of the contract that the investor currently holds will rise (if nothing else changes in the market, and the spot price of the commodity is constant). At the point of rolling, the point on the curve jumps back to the right as a new contract is purchased. In a backwardated curve, this point to the right must be below the price point at which the contract was rolled, i.e. a positive roll yield.
What are some words end with the suffix tion?
ANSWERabdication, aberration, abrogation, acclimation, accusation, activation, adaptation, admiration, adoration, adulation, advocation, affectation, affirmation, affrication, aggravation, agitation, allegation, allocation, alteration, altercation, amputation, animation, annexation, annotation, appalachian, appellation, application, approbation, arbitration, aspiration, association, augmentation, automation, aviation, avocation, backwardation, bifurcation, calculation, calibration, cancellation, celebration, cogitation, coloration, combination, commendation, compensation, compilation, complication, computation, concentration, condemnation, condensation, confirmation, confiscation, conflagration, confrontation, congregation, conjugation, connotation, consecration, conservation, consolation, constellation, consternation, constipation, consultation, consummation, contemplation, conversation, convocation, coronation, corporation, correlation, culmination, cultivation, declaration, decoration, dedication, defamation, deformation, degradation, dehydration, delegation, demarcation, demonstration, deportation, depravation, depredation, deprivation, derivation, desecration, desiccation, designation, desolation, desperation, destination, detonation, devastation, deviation, dilatation, disinflation, dislocation, dispensation, disputation, dissertation, dissipation, distillation, divination, domination, duplication, education, elevation, elongation, emanation, embarkation, emigration, emulation, equitation, escalation, estimation, evocation, excavation, excitation, exclamation, exhalation, exhortation, exhumation, expectation, expiration, explanation, explication, exploitation, exploration, fabrication, fascination, federation, fermentation, fibrillation, figuration, filling station, fire station, fluctuation, fluoridation, foliation, formulation, fragmentation, fumigation, gastrulation, generation, germination, glaciation, graduation, granulation, gravitation, habitation, hesitation, hibernation, illustration, imitation, immigration, implantation, implication, importation, impregnation, imputation, incantation, incarnation, inclination, incrustation, incubation, indentation, indexation, indication, indignation, infestation, infiltration, inflammation, information, inhalation, innovation, installation, instigation, insulation, integration, intimation, intonation, inundation, invitation, invocation, irrigation, irritation, isolation, jubilation, laceration, legislation, levitation, liberation, limitation, liquidation, litigation, lubrication, machination, malformation, masturbation, maturation, mediation, medication, meditation, menstruation, ministration, miscreation, miseration, mitigation, moderation, modulation, molestation, motivation, mutilation, navigation, nomination, nucleation, obfuscation, obligation, observation, occupation, operation, orchestration, ordination, oscillation, ostentation, ovulation, oxidation, pagination, palpitation, penetration, perforation, permutation, perspiration, perturbation, pigmentation, pollination, population, preparation, presentation, preservation, proclamation, procreation, profanation, propagation, protestation, provocation, publication, punctuation, radiation, realization, recantation, recitation, reclamation, recreation, reformation, refutation, registration, regulation, rehydration, relaxation, relocation, renovation, reparation, replication, reputation, reservation, resignation, respiration, restoration, retardation, revelation, revocation, rumination, sanitation, saturation, segmentation, segregation, separation, sequestration, simulation, situation, speculation, stimulation, stipulation, strangulation, subluxation, suffocation, superstation, syndication, tabulation, termination, titillation, toleration, transformation, transplantation, transportation, trepidation, tribulation, usurpation, vaccination, vacillation, validation, valuation, variation, vegetation, ventilation, vindication, violation, visitation,ANSWERWords that end with the suffix -tion are:connection. correction. assimilation. lotion. affliction. absorption. concentration. detection. detention. intention. saturation. maturation. mutation. stimulation. vacation. reclamation. decoration. direction. registration. adoption. intersection. interception. eruption. consideration. imitation. relegation. instruction. inflation. pronunciation. projection. perfection. tradition. operation. deduction. interpretation. population. edition. collection. ordination. coordination. subordination. resurrection. transportation. interrogation. deduction. congratulation. population. masturbation. prevention. invention.
What rhymes with constellations?
Words and phrases that rhyme with constellation: 1 syllable: corp, corp. 2 syllables: haitian, haitien, mation, ration, station 3 syllables: aid station, air station, alsatian, bus station, carnation, castration, causation, cessation, cetacean, citation, coach station, creation, cremation, croatian, crustacean, dalmatian, damnation, deflation, dictation, dilation, donation, duration, elation, filtration, fixation, flirtation, flotation, formation, foundation, frustration, gas station, gestation, gradation, gyration, horatian, hydration, inflation, lactation, libration, ligation, location, migration, mutation, narration, negation, nitration, notation, optation, oration, ovation, plantation, privation, probation, proration, prostration, quotation, reflation, relation, rotation, salvation, sarmatian, sedation, sensation, shore station, space station, stagflation, stagnation, starvation, summation, taxation, temptation, train station, translation, vacation, vaxstation, vibration, vocation 4 syllables: abdication, aberration, abrogation, acclimation, accusation, activation, adaptation, admiration, adoration, adulation, advocation, affectation, affirmation, affrication, aggravation, agitation, allegation, allocation, alteration, altercation, amputation, animation, annexation, annotation, appalachian, appellation, application, approbation, arbitration, aspiration, assocation, augmentation, automation, aviacion, aviation, avocation, backwardation, bifurcation, blood relation, calculation, calibration, cancellation, celebration, cogitation, coloration, combination, comfort station, commendation, compensation, compilation, complication, computation, concentration, condemnation, condensation, confirmation, confiscation, conflagration, confrontation, congregation, conjugation, connotation, consecration, conservation, consolation, constellation, consternation, constipation, consultation, consummation, contemplation, conversation, convocation, coronation, corporation, correlation, culmination, cultivation, d'aviation, declaration, decoration, dedication, defamation, deformation, degradation, dehydration, delegation, demarcation, demonstration, deportation, depravation, depredation, deprivation, derivation, desecration, desiccation, designation, desolation, desperation, destination, detonation, devastation, deviation, dilatation, disinflation, dislocation, dispensation, disputation, dissertation, dissipation, distillation, divination, domination, dressing station, duplication, education, elevation, elongation, emanation, embarkation, emigration, emulation, equitation, escalation, estimation, evocation, excavation, excitation, exclamation, exhalation, exhortation, exhumation, expectation, expiration, explanation, explication, exploitation, exploration, fabrication, fascination, federation, fermentation, fibrillation, figuration, filling station, fire station, fluctuation, fluoridation, foliation, formulation, fragmentation, fumigation, gastrulation, generation, gene mutation, germination, glaciation, graduation, granulation, gravitation, habitation, heat prostration, hesitation, hibernation, illustration, imitation, immigration, implantation, implication, importation, impregnation, imputation, incantation, incarnation, inclination, incrustation, incubation, indentation, indexation, indication, indignation, infestation, infiltration, inflammation, information, inhalation, innovation, inspiration, installation, instigation, insulation, integration, intimation, intonation, inundation, invitation, invocation, irrigation, irritation, isolation, jubilation, laceration, legislation, levitation, liberation, limitation, liquidation, litigation, loan translation, lookout station, lubrication, machination, malformation, masturbation, maturation, mediation, medication, meditation, menstruation, ministration, miscreation, miseration, mitigation, moderation, modulation, molestation, motivation, mutilation, navigation, nomination, nucleation, obfuscation, obligation, observation, occupation, operation, orchestration, ordination, oscillation, ostentation, ovulation, oxidation, pagination, paid vacation, pair creation, pair formation, palpitation, penetration, perforation, permutation, perspiration, perturbation, petrol station, pigmentation, point mutation, police station, pollination, polling station, population, power station, preparation, presentation, preservation, proclamation, procreation, profanation, propagation, protestation, provocation, publication, pumping station, punctuation, radiation, raft foundation, railroad station, railway station, realization, recantation, recitation, reclamation, recreation, reformation, refutation, registration, regulation, rehydration, relaxation, relocation, remote station, renovation, reparation, replication, reputation, reservation, resignation, respiration, restoration, retardation, revelation, revocation, rumination, sampling station
What rhymes with Croatian?
2 syllables:Haitian, haitien, mation, nation, ration, station3 syllables:aid station, air station, alsatian, bus station, carnation, castration, causation, cessation, cetacean, citation, coach station, conflation, creation, cremation, crustacean, dalmatian, damnation, deflation, dictation, dilation, donation, duration, elation, filtration, fixation, flirtation, flotation, formation, foundation, frustration, fundacion, gas station, gestation, gradation, gyration, horatian, hydration, inflation, lactation, libration, ligation, location, migration, mutation, narration, negation, nitration, notation, optation, oration, ovation, plantation, predation, privation, probation, proration, prostration, quotation, reflation, relation, rotation, salvation, sarmatian, sedation, sensation, shore station, space station, stagflation, stagnation, starvation, summation, taxation, temptation, train station, translation, vacation, vaxstation, vibration, vocation4 syllables:abdication, aberration, abrogation, acclamation, acclimation, accusation, activation, adaptation, admiration, adoration, adulation, advocation, affectation, affirmation, affrication, aggravation, agitation, allegation, allocation, alteration, altercation, amputation, animation, annexation, annotation, Appalachian, appellation, application, approbation, arbitration, Asian nation, aspiration, assocation, augmentation, automation, aviacion, aviation, avocation, backwardation, balkan nation, bifurcation, blood relation, calculation, calibration, cancellation, celebration, cogitation, collocation, coloration, combination, comfort station, commendation, commutation, compensation, compilation, complication, computation, concentration, condemnation, condensation, confirmation, confiscation, conflagration, confrontation, congregation, conjugation, connotation, consecration, conservation, consolation, constellation, consternation, constipation, consultation, consummation, contemplation, conversation, convocation, coronation, corporation, correlation, culmination, cultivation, d'aviation, declaration, decoration, dedication, defamation, deformation, degradation, dehydration, delegation, demarcation, demonstration, deportation, depravation, depredation, deprivation, derivation, desecration, desiccation, designation, desolation, desperation, destination, detonation, devastation, deviation, dilatation, disinflation, dislocation, dispensation, disputation, dissertation, dissipation, distillation, divination, domination, dressing station, duplication, education, elevation, elongation, emanation, embarkation, emigration, emulation, equitation, escalation, estimation, evocation, excavation, excitation, exclamation, exhalation, exhortation, exhumation, expectation, expiration, explanation, explication, exploitation, exploration, extrication, fabrication, fascination, federation, fermentation, fibrillation, figuration, filling station, fire station, fluctuation, fluoridation, foliation, formulation, fragmentation, fumigation, gastrulation, gene mutation, generation, germination, glaciation, graduation, granulation, gravitation, habitation, heat prostration, hesitation, hibernation, hyphenation, ideation, illustration, imitation, immigration, implantation, implication, importation, impregnation, imputation, incantation, incarnation, inclination, incrustation, incubation, indentation, indexation, indication, indignation, infestation, infiltration, inflammation, information, inhalation, innovation, inspiration, installation, instigation, insulation, integration, intimation, intonation, inundation, invitation, invocation, irrigation, irritation, isolation, jubilation, laceration, legislation, levitation, liberation, limitation, liquidation, litigation, loan translation, lookout station, lubrication, machination, malformation, masturbation, masturbation, maturation, mediation, medication, meditation, menstruation, ministration, miscreation, miseration, mitigation, moderation, modulation, molestation, motivation, mutilation, navigation, nomination, nucleation, obfuscation, obligation, observation, occupation, operation, orchestration, ordination, oscillation, ostentation, ovulation, oxidation, pagination, paid vacation, pair creation, pair formation, palpitation, penetration, perforation, permutation, perspiration, perturbation, petrol station, pigmentation, point mutation, police station, pollination, polling station, population, power station, preparation, presentation, preservation, proclamation, procreation, profanation, propagation, protestation, provocation, publication, pumping station, punctuation, radiation, raft foundation, railroad station, railway station, realization, recantation, recitation, reclamation, recreation, reformation, refutation, registration, regulation, rehydration, relaxation, relocation, remote station, renovation, reparation, replication, reputation, reservation, resignation, respiration, restoration, retardation, revelation, revocation, rumination, sampling station, sanitation, saturation, segmentation, segregation, separation, sequestration, service station, simulation, situation, skin sensation, social station, speculation, stimulation, stipulation, strangulation, subluxation, subway station, suffocation, superstation, surrogation, syndication, tabulation, taste sensation, termination, titillation, toleration, touch sensation, transformation, transplantation, transportation, trepidation, tribulation, tv station, ulceration, unimation, univation, usurpation, vaccination, vacillation, validation, valuation, variation, vegetation, veneration, ventilation, vindication, violation, visitation, weather station
How does the song Flight go?
Flying Blind I alway forget how crazy things are so sometimes it catches me off my guard when they make sense. The line on the road trail the arrow in the sky, I search for the mote in my brother's eye beneath the pence... a time of blunt instruments. Still uncertain when I've woken or what constitutes a conscious mind, though the thought remains unspoken I know I'm flying blind. Breaking into cold sweat on the white-hot coals the pennies from heaven drop through my soul: it don't relent. At the back end of dreams I'm amazed to awake... I offer my theories but just can't shake that seventh sense to which there's no defense. It seemed the time was for action, it seemed so cool to be that kind... my tongue writhed to form some retraction but I knew I was flying blind. I want things to be fast, down to the power-drive; I want the zero-gravity heroes to play dead, but stay alive. We want it to be slow, all the way to stall; we talk about a thousand things that never change at all. No, it never change... It was then that I knew I'd been thoughtless - something had slipped my mind: I'd strapped myself into the Fortress but the Fortress was flying blind. We got full clearance, so someone down there ought to know the truth of our disappearance - If even that still shows it accuses and blames me, but nothing was quite what it seemed. Sometimes things work out so strangely that it might as well all be dreamed. The White Cane Fandango The White Cane Fandango in Morse code, try to shake through the message, shake the load; only venial sin, running on the spot - till the dance begins. Where does a man go when the muscles cramp? Try to write out a postcard on a postage stamp with a drawing pin punching out the Braille for the whole within? Upset the contango on your future stock; paying backwardation, hold onto what you've got - such a sideways grin! Some day you may need to trade that in. If we ride this right the future will fall in our hands. If we survive the flight the future will work out - nothing's that black and white. Control The colour-coded charts are spread, but we're still gliding deep into the red, the radio is dead every valve blown open. The radar screen flicks monochrome, air traffic controller wants to get on home, waiting for a phone call to release him from responsibility. Nobody goes to see him any more except for the man from the ministry. He wanted to be, he wanted to be the man at the helm, in command of the flightpath; he's flying a chair, quite beyond control; he's going to have just one more chance at a barrel roll. All in a dream, all as a dream, the colours too bright, the music too deafening - the black-out world has just begun to show. These cracked-out words I offer... but I still don't know. Cool blue suffuse the colour gun - oh come in, come in number one: your time's nearly run. Speed-freeze the frame, the present and the past hold fast... It's too fast, the thing don't, the thing won't, the thing don't last. Cockpit The rolling dice clash together never make up the score; that old device, the ejector seat, glued to the floor. Everybody waits for everyone to make a show - no-one wants to be the first, admitting that they know how anythings that's gone down here could fit into an analytic groove... W ait for the tactical move, wait for some action we all can approve. Too much to drink, for the cup reaches down to the sea; too much to think, the barometer pressuring me. Rolling down the weather for an Easter parade, reeling out the Maydays in the hope of being saved, but the radio ham's out giving blood - no, no, no, he's not listening. The cricketer knows his "Wisden", the pilot has got his "Jane's", but the sum of this factual wisdom don't help us to fly the plane (no, and it never will...) Beneath the tartan two-piece something rips undone... Wait for the ladder to run wait for the snake that the ladder becomes. A passenger hits the cockpit, willing to chance his game: pulls out his gun and cocks it in the hope that it all might change. (oh, but it never will...) A fly-leaf from the library shows others have been here before, tried, failed and kicked out the door; the aircrew don't care anymore - not they just wait for the beat of the silk-worm wing, wait for the heat to come down on us - full force of the law. Silk-Worm Wings Full force of gravity pulls me down, I'll be better off out of there; aerobatic spin around, I'll take my chances in the open air. Sycamore silk-worm wings or Roman Candle to the ground, there's only one thing for shure: when the balloon goes up the aeronaut calm down. He say nothing is quite what it seems, he say nothing is quite what it seems; I say nothing is nothing. A Black Box Softly, the angels sing their time and space refrain: there's something in everything if you can only pin down its name Aerobatic thoughts at the back of my mind - Is it nothing but the looping line we all follow? Nothing but the spiral twist of DNA There'll be no looking back from tomorrow on today. So the wire is tripped, split-seconds defect to their successors; the umbilical cord is ripped - here we all are in free fall. I stall where I am, as if to see where I've been: only running down the looping line we all follow, only chasing down the spiral twist of DNA - There can be no looking on to tomorrow from today. Life/death/night/day - cold breath will surely fly away. Is the empire of sensation locked in a black box deep in me, encoded there somehow? It fires the imagination to fly on a wing and a prayer through my life - is that how it is? There'll be no looking back on this... this is now, which will be then - is this the means? All I know for shure is this is the end. No looking back from tomorrow, no, there'll be no looking back on today; better be looking on to tomorrow... better think on today. Flying Blind I alway forget how crazy things are so sometimes it catches me off my guard when they make sense. The line on the road trail the arrow in the sky, I search for the mote in my brother's eye beneath the pence... a time of blunt instruments. Still uncertain when I've woken or what constitutes a conscious mind, though the thought remains unspoken I know I'm flying blind. Breaking into cold sweat on the white-hot coals the pennies from heaven drop through my soul: it don't relent. At the back end of dreams I'm amazed to awake... I offer my theories but just can't shake that seventh sense to which there's no defense. It seemed the time was for action, it seemed so cool to be that kind... my tongue writhed to form some retraction but I knew I was flying blind. I want things to be fast, down to the power-drive; I want the zero-gravity heroes to play dead, but stay alive. We want it to be slow, all the way to stall; we talk about a thousand things that never change at all. No, it never change... It was then that I knew I'd been thoughtless - something had slipped my mind: I'd strapped myself into the Fortress but the Fortress was flying blind. We got full clearance, so someone down there ought to know the truth of our disappearance - If even that still shows it accuses and blames me, but nothing was quite what it seemed. Sometimes things work out so strangely that it might as well all be dreamed. The White Cane Fandango The White Cane Fandango in Morse code, try to shake through the message, shake the load; only venial sin, running on the spot - till the dance begins. Where does a man go when the muscles cramp? Try to write out a postcard on a postage stamp with a drawing pin punching out the Braille for the whole within? Upset the contango on your future stock; paying backwardation, hold onto what you've got - such a sideways grin! Some day you may need to trade that in. If we ride this right the future will fall in our hands. If we survive the flight the future will work out - nothing's that black and white. Control The colour-coded charts are spread, but we're still gliding deep into the red, the radio is dead every valve blown open. The radar screen flicks monochrome, air traffic controller wants to get on home, waiting for a phone call to release him from responsibility. Nobody goes to see him any more except for the man from the ministry. He wanted to be, he wanted to be the man at the helm, in command of the flightpath; he's flying a chair, quite beyond control; he's going to have just one more chance at a barrel roll. All in a dream, all as a dream, the colours too bright, the music too deafening - the black-out world has just begun to show. These cracked-out words I offer... but I still don't know. Cool blue suffuse the colour gun - oh come in, come in number one: your time's nearly run. Speed-freeze the frame, the present and the past hold fast... It's too fast, the thing don't, the thing won't, the thing don't last. Cockpit The rolling dice clash together never make up the score; that old device, the ejector seat, glued to the floor. Everybody waits for everyone to make a show - no-one wants to be the first, admitting that they know how anythings that's gone down here could fit into an analytic groove... W ait for the tactical move, wait for some action we all can approve. Too much to drink, for the cup reaches down to the sea; too much to think, the barometer pressuring me. Rolling down the weather for an Easter parade, reeling out the Maydays in the hope of being saved, but the radio ham's out giving blood - no, no, no, he's not listening. The cricketer knows his "Wisden", the pilot has got his "Jane's", but the sum of this factual wisdom don't help us to fly the plane (no, and it never will...) Beneath the tartan two-piece something rips undone... Wait for the ladder to run wait for the snake that the ladder becomes. A passenger hits the cockpit, willing to chance his game: pulls out his gun and cocks it in the hope that it all might change. (oh, but it never will...) A fly-leaf from the library shows others have been here before, tried, failed and kicked out the door; the aircrew don't care anymore - not they just wait for the beat of the silk-worm wing, wait for the heat to come down on us - full force of the law. Silk-Worm Wings Full force of gravity pulls me down, I'll be better off out of there; aerobatic spin around, I'll take my chances in the open air. Sycamore silk-worm wings or Roman Candle to the ground, there's only one thing for shure: when the balloon goes up the aeronaut calm down. He say nothing is quite what it seems, he say nothing is quite what it seems; I say nothing is nothing. A Black Box Softly, the angels sing their time and space refrain: there's something in everything if you can only pin down its name Aerobatic thoughts at the back of my mind - Is it nothing but the looping line we all follow? Nothing but the spiral twist of DNA There'll be no looking back from tomorrow on today. So the wire is tripped, split-seconds defect to their successors; the umbilical cord is ripped - here we all are in free fall. I stall where I am, as if to see where I've been: only running down the looping line we all follow, only chasing down the spiral twist of DNA - There can be no looking on to tomorrow from today. Life/death/night/day - cold breath will surely fly away. Is the empire of sensation locked in a black box deep in me, encoded there somehow? It fires the imagination to fly on a wing and a prayer through my life - is that how it is? There'll be no looking back on this... this is now, which will be then - is this the means? All I know for shure is this is the end. No looking back from tomorrow, no, there'll be no looking back on today; better be looking on to tomorrow... better think on today.
What rhymes with situation?
communicationVacation, station, temptation, salvation, renovation, deliberation, frustration.humiliation, stimulation, motivationsimulation, generation2 syllable words haitian, nation, ration, station 3 syllable words alsatian, carnation, castration, causation, cessation, cetacean, citation, claymation, creation, cremation, croatian, crustacean, dalmatian, damnation, deflation, dictation, dilation, donation, duration, elation, filtration, fixation, flirtation, flotation, formation, foundation, frustration, gestation, gradation, gyration, horatian, hydration, inflation, lactation, libration, ligation, location, migration, mutation, narration, negation, nitration, notation, optation, oration, ovation, plantation, privation, probation, proration, prostration, quotation, reflation, relation, rotation, salvation, sarmatian, sedation, sensation, stagflation, stagnation, starvation, substation, summation, taxation, temptation, translation, vacation, vibration, vocation, workstation 4 syllable words abdication, aberration, abrogation, acclimation, accusation, activation, adaptation, admiration, adoration, adulation, advocation, affectation, affirmation, affrication, aggravation, agitation, allegation, allocation, alteration, altercation, alternation, amputation, animation, annexation, annotation, appalachian, appellation, application, approbation, arbitration, aspiration, assocation, augmentation, automation, aviation, avocation, backwardation, bifurcation, calculation, calibration, cancellation, celebration, circulation, cogitation, coloration, combination, commendation, compensation, compilation, complication, computation, concentration, condemnation, condensation, confirmation, confiscation, conflagration, confrontation, congregation, conjugation, connotation, consecration, conservation, consolation, constellation, consternation, constipation, consultation, consummation, contemplation, conversation, convocation, cooperation, coronation, corp, corporation, correlation, culmination, cultivation, decimation, declaration, decoration, dedication, defamation, deformation, degradation, dehydration, delegation, demarcation, demonstration, deportation, depravation, depredation, deprivation, derivation, desecration, desiccation, designation, desolation, desperation, destination, detonation, devastation, deviation, dilatation, disinflation, dislocation, dispensation, disputation, dissertation, dissipation, distillation, divination, domination, duplication, education, elevation, elongation, emanation, embarkation, emigration, emulation, equitation, escalation, estimation, evocation, excavation, excitation, exclamation, exhalation, exhortation, exhumation, expectation, expiration, explanation, explication, exploitation, exploration, fabrication, fascination, federation, fermentation, fibrillation, figuration, fluctuation, fluoridation, foliation, formulation, fragmentation, fumigation, gastrulation, generation, germination, glaciation, graduation, granulation, gravitation, habitation, hesitation, hibernation, illustration, imitation, immigration, implantation, implication, importation, impregnation, imputation, incantation, incarnation, inclination, incrustation, incubation, indentation, indexation, indication, indignation, infestation, infiltration, inflammation, information, inhalation, innovation, inspiration, installation, instigation, insulation, integration, intimation, intonation, inundation, invitation, invocation, irrigation, irritation, isolation, jubilation, laceration, legislation, levitation, liberation, limitation, liquidation, litigation, lubrication, machination, malformation, masturbation, maturation, mediation, medication, meditation, menstruation, ministration, miscreation, miseration, mitigation, moderation, modulation, molestation, motivation, mutilation, navigation, nomination, nucleation, obfuscation, obligation, observation, occupation, operation, orchestration, ordination, oscillation, ostentation, ovulation, oxidation, pagination, palpitation, penetration, perforation, permutation, perspiration, perturbation, pigmentation, pollination, population, preparation, presentation, preservation, proclamation, procreation, profanation, propagation, protestation, provocation, publication, punctuation, radiation, realization, recantation, recitation, reclamation, recreation, reformation, refutation, registration, regulation, rehydration, relaxation, relocation, renovation, reparation, replication, reputation, reservation, resignation, respiration, restoration, retardation, revelation, revocation, rumination, sanitation, saturation, segmentation, segregation, separation, sequestration, simulation, speculation, stimulation, stipulation, strangulation, subluxation, suffocation, superstation, syncopation, syndication, tabulation, termination, titillation, toleration, transformation, transplantation, transportation, trepidation, tribulation, usurpation, vaccination, vacillation, validation, valuation, variation, vegetation, ventilation, vindication, violation, visitation 5 syllable words abbreviation, abomination, acceleration, accommodation, accreditation, accumulation, adjudication, administration, affiliation, agglomeration, alienation, alleviation, alliteration, amalgamation, amelioration, amortization, amplification, annihilation, anticipation, appreciation, appropriation, approximation, argumentation, articulation, assassination, assimilation, association, authentication, authorization, balkanization, brutalization, capitulation, centralization, certification, christianization, civilization, clarification, classification, coagulation, codification, cogeneration, cohabitation, collaboration, colonization, colorization, commemoration, communication, communization, concatenation, conciliation, confabulation, confederation, configuration, conglomeration, congratulation, consideration, consolidation, contamination, continuation, cooperation, coordination, corroboration, decaffeination, decapitation, deceleration, deforestation, degeneration, deification, deliberation, delineation, demodulation, demonization, denomination, denunciation, depreciation, deregulation, desalination, desegregation, determination, detoxication, devaluation, discoloration, discrimination, disembarkation, disinclination, disinformation, disintegration, dissemination, dissociation, documentation, domestication, dramatization, echolocation, edification, ejaculation, elaboration, elimination, emancipation, enumeration, equalization, equivocation, eradication, evacuation, evaluation, evaporation, exacerbation, exaggeration, examination, exasperation, excoriation, exfoliation, exhilaration, exoneration, expatriation, expropriation, extermination, extrapolation, facilitation, falsification, fertilization, finlandization, fortification, gasification, generalization, genetization, gentrification, globalization, glorification, gratification, hallucination, harmonization, humiliation, hybridization, hydrogenation, hyperinflation, illumination, imagination, immunization, impersonation, implementation, improvisation, inactivation, inauguration, incarceration, incineration, incorporation, incrimination, indoctrination, infatuation, inhabitation, initiation, inoculation, insemination, insinuation, instrumentation, interpretation, interrogation, intimidation, intoxication, invalidation, investigation, ionization, irradiation, islamization, justification, legalization, liberalization, localization, magnetization, magnification, manifestation, manipulation, maximization, mechanization, misallocation, misapplication, miscalculation, misinformation, mobilization, modernization, modification, multiplication, mummification, nationalization, naturalization, negotiation, neutralization, normalization, notification, nullification, optimization, organisation, organization, orientation, origination, ornamentation, ossification, pacification, panelization, participation, pasteurization, perpetuation, polarization, pontification, precipitation, predestination, prefabrication, premeditation, preoccupation, pressurization, privatisation, privatization, procrastination, prognostication, proliferation, pronunciation, purification, qualification, quantification, ramification, ratification, rationalization, reaffirmation, reallocation, recalculation, recommendation, reconfirmation, recrimination, rectification, recuperation, redecoration, rededication, reeducation, reforestation, refrigeration, regeneration, regimentation, reincarnation, reintegration, reiteration, rejuvenation, remediation, remuneration, renomination, renunciation, repatriation, representation, repudiation, reregulation, resuscitation, retaliation, revaluation, reverberation, russification, sanctification, sedimentation, simplification, socialization, solicitation, sophistication, specialization, specification, stabilization, stalinization, standardization, sterilization, subordination, subsidization, substantiation, triangulation, unification, unionization, urbanization, utilization, vaporization, verification, victimization, vilification, visualization, vulgarization, westernization 6 syllable words acidification, alphabetization, cannibalization, capitalization, categorization, characterization, collectivization, commercialization, computerization, conceptualization, criminalization, decentralization, decertification, decontamination, dehumanization, demobilization, democratization, demoralization, desalinization, destabilization, deterioration, detoxification, differentiation, discontinuation, disorganization, disorientation, disqualification, diversification, electrification, excommunication, experimentation, generalization, homogenization, hospitalization, identification, incapacitation, incoordination, indemnification, insubordination, intensification, intercorporation, marginalization, mineralization, misappropriation, miscommunication, misinterpretation, misrepresentation, monopolization, nationalization, naturalization, nondiscrimination, nonproliferation, overpopulation, overregulation, overvaluation, personalization, personification, politicization, popularization, radicalization, rationalization, reaffiliation, reauthorization, recertification, reclassification, reconciliation, reconfiguration, reconsideration, reevaluation, reexamination, rehabilitation, reincorporation, reinterpretation, reinvigoration, renegotiation, reorganization, reunification, revitalization, saponification, securitization, self-congratulation, self-determination, self-perpetuation, singularization, suburbanization, transillumination, undervaluation
