Reform is rejected as “Mr. Market” does not like the coming changes. Oil’s performance today was similar to yesterdays with a large trading range; prices closed virtually unchanged remaining above the 50 day MA. Continue to use the 50 day MA as your pivot point; in August at $76.25. We expect oil to trade between [...]
After 6 positive days is the stock markets day of reckoning upon us? A failed rally in crude today though the 50 day MA did support prices; that level in August is $76.45. Aggressive traders use that level as your pivot point. The option spread mentioned in recent posts; the October $80/85 settled around $1700 [...]
If the dollar is moving south and the indices are moving north that is conducive for commodities to trend higher. Crude is above the trend line mentioned in yesterday’s blog higher by over 3% in today’s session. Not to mention a bullish engulfing candle on the daily chart so yes folks it looks like higher [...]
Now with the World Cup behind us traders can focus on the job at hand and get back to business. We expect Crude oil to track higher but the 20 day MA is serving as resistance and I noticed today looking at the daily chart if you draw a trend line down from the May [...]
Indices approach the 50 day MA and then fall apart…that is our prediction. We advised clients to exit all longs in oil today. Inside day and we expect prices to back off…on a $3-5 set back we would re-establish longs. The 9 and 20 day MA’s should serve as solid support; those levels in July [...]
A supportive inventory report aided energy prices today with Crude oil and the distillates putting in another positive showing. We feel prices are overdue for a setback so we advise tightening up stops and lightening up on longs. On a pullback we would not expect much more than $3-5. At that point we would be [...]
The indices trading higher should mean the dollar and Treasuries down and most commodities up. That is how we have positioned clients as you can read below. Oil is thru $76 trading near a one month high. The momentum is up but if you are not already long we would not suggest fresh entries at [...]
For the time being indices are in the driver’s seat and as long as stocks are moving higher RISK is on. A falling dollar should also lend support. Oil made a higher high and higher low today but as we posted in our weekly commentary we need to see a settlement above $76 in July [...]
The markets have relaxed but as investors you must not. Their will be wild gyrations in the weeks to come so start thinking long and hard how you want to be positioned. At the moment $69 appears to be the line in the sand on front month Crude oil; July as of this post is [...]
In this environment is it critical to not fall asleep at the wheel but to constantly monitor your open positions. A failed rally early today has oil negative by days end though it appears the selling is slowing. We’re suggesting for clients to start scaling into longs. We expect oil to find a bottom around [...]
