Phil Flynn of PFG Best Research talks to Fox Business on why oil has declined this week and what he thinks about talk of $55 dollar oil.
Tuesday, July 7, 2009
Oil, Gas Market Speculation May Face Restrictions by U.S. CFTC
U.S. regulators say they may clamp down on oil and gas price speculators by limiting the holdings of energy futures traders, including index and exchange traded funds. The Commodity Futures Trading Commission will hold hearings to explore the need for government imposed restrictions on speculative trading in oil, gas and other energy markets, Chairman Gary Gensler said today in a statement. The agency didn’t say when the hearings would start or who would be asked to testify.....Complete Story
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Crude Oil Slightly Higher on Short Covering
Crude oil was slightly higher due to short covering overnight as it consolidates some of Monday's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.
If August extends the decline off last week's high, the 38% retracement level of the February-June rally crossing at 62.25 is the next downside target. Closes above the 20 day moving average crossing at 69.54 are needed to confirm that a short term low has been posted.
Tuesday's pivot point for crude oil, our line in the sand is 64.38
First resistance is the 10 day moving average crossing at 67.98
Second resistance is the 20 day moving average crossing at 69.54
First support is Monday's low crossing at 63.40
Second support is the 38% retracement level crossing at 62.25
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Monday, July 6, 2009
Video: S&P 500 Update For Monday Evening
Today we are going to take another look at the S&P 500 Index. It appears that some of the rose coloring on traders’ glasses is beginning to wear thin. Many more traders now perceive this as a two way trading market as opposed to a one way street we witnessed in March and April.
We are going to be analyzing a daily S&P index chart and making some observations that We think potentially could work out if certain elements fall into place.
At the present time our “Trade Triangle” technology is indicating a neutral stance in this market. With the -55 reading our “Trade Triangles” are indicating a trading range which could possibly be an early sign of a reversal.
You can watch this video [just click here] with our compliments and there is no registration requirements. We would love to get your feedback about this video so please feel free to leave a comment.
Sharon Epperson: Where Is Oil Headed Tuesday
CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow [Tuesday].
Energy Market Summary For Monday
Crude oil closed down $2.36 at $64.37 a barrel today. Prices closed near mid range and did hit a fresh six week low. The market was pressured again by concerns about a weak U.S. economy after last Thursday's jobs report. The bulls are fading badly.
Heating oil closed down 656 points at $1.6360 today. Prices closed near the session low and hit a fresh six week low today. Bulls are fading badly.
Unleaded gasoline closed down 408 points at $1.7500 today. Prices closed near the session low and hit a fresh six week low today. Bulls are fading badly.
Natural gas closed down 11.3 cents at $3.502 today. Prices closed near mid range and hit a fresh contract low today. Bears are in firm technical control again.
Today’s Stock Market Club Trading Triangles
Oil Falls to Five Week Low, Gasoline Drops on Economic Concern
Crude oil fell to a five week low and gasoline declined on growing concern that the global economic recovery will falter, curbing fuel consumption. Oil dropped for a fourth day, the longest losing streak since February, as U.S., European and Asian stock markets declined. The dollar advanced against the euro, curbing the appeal of commodities to investors looking for an inflation hedge. Oil in New York is down 13 percent from an eight month high of $73.38 touched on June 30.....Complete Story
Six Attacks on Natural Gas Pipelines.....IN CANADA!
A series of bombings of natural gas pipelines in northeastern British Columbia in Canada are "domestic terrorism," authorities said. The first attack was reported in early October. This past weekend, the Royal Canadian Mounted Police confirmed a sixth bombing caused a leak in an EnCana Corp. line south of Dawson Creek, British Columbia. No one has been injured in the bombings, but they have caused leaks that could prove hazardous, authorities said.....Complete Story
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Get your favorite symbols' Trend Analysis TODAY! Click Here
Oil Plunges Below $64 on Fears Recovery May Lag
Oil prices plunged nearly $3 to below $64 a barrel Monday as dismal unemployment figures from the U.S. and Europe last week sparked investor doubts about any nascent economic recovery. A significant fall in natural gas prices - a likely sign that industries are still struggling and unlikely to add jobs - as well as gains by the U.S. dollar and falling stock markets around the world all helped push energy prices lower.....Complete Story
Crude Oil Hits New Six Week Low Overnight
Crude oil prices are sharply lower early today, and hit a fresh six week low overnight. Bulls have faded badly recently.
In August crude, look for buy stops to reside just above resistance at $64.00 and then just above resistance at $65.00.
Look to sell stops just below technical support at the overnight low of $63.40 and then more sell stops just below support at $63.00.
Today's key near term Fibonacci support/resistance level: $62.31.
Wyckoff's Intra Day Market Rating: 3.0
Free Trend Analysis
The September U.S. dollar index is higher in early trading today. Trading is still choppy, but bears still have the overall near term technical edge.
Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter term technical resistance at 81.25 and then at 81.50. Shorter term support is seen at 80.75 and then at the overnight low of 80.53.
Today's key near term Fibonacci support/resistance level: 80.42.
Wyckoff's Intra Day Market Rating: 6.0
Great Trading Video: The Fibonacci Tool Fully Explained
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