Tuesday, October 5, 2010
Stock Market and Commodities Commentary For Tuesday Evening Oct. 5th
Crude oil closed up $1.26 at $82.73 a barrel today. Prices closed nearer the session high today and hit another fresh two month high. Bulls have the solid near term technical advantage in crude. Prices are in a six week old uptrend on the daily bar chart. The next near term upside price objective for the bulls is producing a close above solid technical resistance at the August high of $83.91 a barrel.
Natural gas closed up 4.4 cents at $3.771 today. Prices closed near the session high today and saw tepid short covering in a bear market. The bears still have the solid overall near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $4.00.
Gold futures closed up $24.50 at $1,341.30 today. Prices today closed near the session high and soared to a fresh contract and all time record high. A slumping U.S. dollar index continues to fuel the gold market bulls. Generally higher commodity markets today also supported fresh buying interest in the gold market. Gold bulls still have the solid overall near term technical advantage and gained more power today. There are still no significant early technical clues that a market top is close at hand.
The U.S. dollar index closed down 65 points at 78.00 today. Prices closed nearer the session low today and hit a fresh 8 1/2 month low. Prices also scored a bearish "outside day" down on the daily bar chart. Bears have the solid overall near term technical advantage. There are still no early clues to suggest a market bottom is close at hand.
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