Tuesday, October 12, 2010
Stock Market and Commodities Commentary For Tuesday Evening Oct. 12th
Crude oil closed down $0.56 at $81.65 a barrel today. Prices closed near mid-range today and saw more profit taking from recent gains. A firmer U.S. dollar index also put light pressure on crude today. Prices are still in a six week old uptrend on the daily bar chart.
Natural gas closed up 4.6 cents at $3.647 today. Prices closed near the session high today after hitting a fresh contract low early on. Tepid short covering in a bear market was featured. The bears still have the solid overall near term technical advantage.
The U.S. dollar index closed down 11 points at 77.54 today. Prices closed near the session low today. Bears still have the solid overall near term technical advantage. There are still no early clues to suggest a market bottom is close at hand.