Wednesday, October 20, 2010
Stock Market and Commodities Commentary For Wednesday Evening Oct. 20th
Crude oil closed up $2.28 at $82.44 a barrel today. Prices closed near the session high today after hitting a fresh three week low early on. Sharp losses in the U.S. dollar index and higher stock index future prices today boosted crude.
Natural gas closed up 0.8 cents at $3.903 today. Prices closed near mid range today and saw tepid short covering in a bear market. Prices hit a fresh contract low this week. The bears still have the solid overall near term technical advantage.
The U.S. dollar index closed down 100 points at 77.41 today. Prices closed near the session low today and quickly gave back most of Tuesday's big gains. Dollar index bears still have the overall near term technical advantage and regained some downside momentum today.
Today’s Stock Market Club Trading Triangles