BP Says ‘Little Evidence’ of Recovery After Net Falls

BP, Europe’s second biggest oil company, said profit fell 53 percent on lower energy prices and there is “little evidence” of a recovery in demand. Second quarter net income fell to $4.39 billion, or 23.16 cents a share, from $9.36 billion, or 49.23 cents, in the year earlier period, London based BP said today in a statement. Excluding one time items and inventory changes, earnings beat analyst estimates. Almost two years into a turnaround led by Chief Executive Officer Tony Hayward, BP said estimated cost cuts would exceed an earlier target as it increased production to more than 4 million barrels a day.....Complete Story

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Why Weekly Charts Are so Important

Today we are looking into why weekly charts are so important. We will use the EUR/USD as an example and deeply investigate the buy signal we received on this cross on Monday, July 27th.

Although it’s too early to tell if this signal will be profitable, it is certainly a signal you must take if you are a disciplined follower of MarketClub’s “Trade Triangle” technology.

You can watch this video with our compliments and there is no registration requirements.


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Crude Oil Bulls Set to Challenge $70 Level

September crude oil was steady to slightly lower overnight as it consolidates some of the rally off this month's low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.81 would temper the near term friendly outlook in the market.

Crude oil's pivot point for Tuesday is 68.25

First resistance is Monday's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 64.81
Second support is the reaction low crossing at 63.76


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Natural gas was higher overnight as it consolidates above the 20 day moving average crossing at 3.696. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 3.696 would temper the near term friendly outlook in the market.

If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.

First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 20 day moving average crossing at 3.70
Second support is this month's low crossing at 3.37

Today’s Stock Market Club Trading Triangles

Waiting for Crude Oil to Reverse to the Downside

My optimal pullback target zone for the PowerShare DB Double Short Oil ETN (NYSE: DTO) is 82.00-79.00, which has been met today. However, so far the inability of the DTO to turn up with sustainability and leave little doubt that the correction off of the 7/13 high at 99.50 is complete is bothersome, and suggests perhaps that more corrective weakness is forthcoming ahead of my anticipation of a powerful upside pivot reversal.
Let’s notice that there is an unfilled gap from July 2 between 77.70 and 76.15 which might have to be satisfied.....Complete Story

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Daily Oil Prices with Anna Coulling

A year after the peak in the commodity cycle, and an all time high for crude oil prices, this week sees all seven of the world's largest private sector oil groups reporting half year results, starting with BP on Tuesday. Although the main focus for oil investors will be to see how successful these companies have been in coping with the subsequent dramatic fall in crude, the recent, and equally dramatic, recovery in daily oil prices will determine the scope that oil companies (and producer countries) will have to fund future investment plans.....Complete Story

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Where is Crude Oil Likely Headed For Tuesday

CNBC's Rebecca Jarvis discusses the day's news in the commodities markets, and looks ahead to where oil is likely headed tomorrow.




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Oil Rises, But Will Rally Continue?

Crude oil on the New York Mercantile Exchange Monday rose again continuing its recent rally. Closing above $68 today, the increase in the price of oil was spurred by positive economic news about US home sales. Settling 33 cents above Friday's close, the price of crude oil rose to $68.38 a barrel in trading Monday on the NYMEX. Just two weeks ago, the price of oil was below $60 in a correction that brought prices down from a high of near $73.....Complete Story


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Oil Majors Appear Poised to Test Mid Term Neutral Resistance Levels

Oil majors appear poised to test mid term neutral resistance levels as we move into a week loaded with earnings reports from the major oil companies. Crude oil closed higher on today extending the rally off this month's low. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are becoming overbought but remains bullish signaling that sideways to higher prices are possible near term.

If September extends today's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.94 would confirm that a short term top has been posted.

First resistance is today's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 64.94
Second support is the reaction low crossing at 63.76

Today’s Stock Market Club Trading Triangles

Natural gas closed lower on Monday due to light profit taking but remains above the 20 day moving average crossing at 3.706. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 3.706 would temper the near term friendly outlook.

If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.

First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 20 day moving average crossing at 3.71
Second support is this month's low crossing at 3.23

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Gasoline Extends Rally to 10 Days, Longest Since at Least 2005

Gasoline futures rose a 10th straight day, the longest rally in the history of the contract, on refinery shutdowns and a weaker dollar, which increases the investment appeal of commodities. Total SA has shut units at its 240,000 barrel a day refinery in Port Arthur, Texas. The dollar fell as low as $1.4298 per euro, the lowest level since June 3. “It seems as if all of a sudden the gasoline market is leading the way and it looks as if nothing is really stopping the rally,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.....Complete Story


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If you don’t tell your friends right away they will end up having to pay for the service. That’s where we are going to our make our money. Your friends will have to pay for this service in the future if you don’t tell them about it today.

Here’s the link to the latest trading skills video, you won’t want to miss this one.