yeah, ethanol looks to me like a great way to get burned at this point, no pun intended. PEIX, XTHN, all are up into way OVERBOUGHT territory. i wouldn't short 'em, but can't imagine buying now. even once powerful CWPC seems to have taken a hit from the ethanol frenzy. that money has to go somewhere. but this stock will have its day, IMHO.
best of luck!