Crude Oil Daily Technical Outlook For Thursday Morning

Current development suggests that whole rebound from 64.24 is still in progress and might extend beyond 75.72. But after all, we'd expect upside to be limited by 61.8% retracement of 87.15 to 64.23 at 78.39 and bring fall resumption. Below 69.51 minor support will argue that such recovery is finished and will flip intraday bias back to the downside for retesting 64.24 low first.

In the bigger picture, prior break of 68.59/69.50 support zone affirms our view that whole medium term rebound from 33.2 has completed at 87.15 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be seen to 50% retracement of 33.2 to 87.15 at 60.18 at least. Also, as rebound from 33.2 is viewed as as a correction to the whole correction that started at 2008 at 147.27, we'd anticipate a break of 33.2 low in the longer term. On the upside, break of resistance at 78 level is needed to be indicate that fall from 87.15 is completed. Otherwise, we'll stay bearish.....Nymex Crude Oil Continuous Contract 4 Hours Chart.

Here’s a Great Alternative to High Price Trading Courses

Share

Where is Crude Oil and Gold Headed on Thursday?

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil and gas are headed.




Share

Crude Oil, Natural Gas and U.S Dollar Commentary For Wednesday Evening

Crude oil closed higher due to short covering on Wednesday and the high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 75.72 are needed to confirm that a short term low has been posted. If July renews the decline off May's high, last July's low crossing at 66.11 is the next downside target. First resistance is today's high crossing at 74.96. Second resistance is the reaction high crossing at 75.72. First support is Monday's low crossing at 69.51. Second support is the reaction low crossing at 67.15.

Natural gas closed lower due to profit taking on Wednesday as it consolidates some of the rally off May's low. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If July extends this week's rally, the 50% retracement level of the November-May decline crossing at 5.151 is the next upside target. Closes below the 20 day moving average crossing at 4.413 would confirm that a short term top has been posted. First resistance is Tuesday's high crossing at 4.995. Second resistance is the 50% retracement level of the November-May decline crossing at 5.151. First support is the 10 day moving average crossing at 4.539. Second support is the 20 day moving average crossing at 4.413.

The U.S. Dollar closed lower due to profit taking on Wednesday as it consolidates some of this month's rally. The mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and turning neutral hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 86.85 are needed to confirm that a short term top has been posted. If June extends this year's rally into uncharted territory, upside targets will now be hard to project. First resistance is Monday's high crossing at 88.80. Second resistance is weekly resistance crossing at 89.71. First support is the 10 day moving average crossing at 87.35. Second support is the 20 day moving average crossing at 86.85.

Gold closed lower due to profit taking on Wednesday hinting that a double top with May's high could have been posted today. The mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If August extends this week's rally into uncharted territory, upside targets will now be hard to project. Closes below last Friday's low crossing at 1198.10 would confirm that a short term top has been posted. First resistance is Tuesday's high crossing at 1254.50. First support is the 20 day moving average crossing at 1217.60. Second support is last Friday's low crossing at 1198.10.

Here is a Free Preview of our MarketClub Trade Triangle Chart Analysis and Smart Scan technology


Share

Crude Oil, Contango and Roll Yield for Commodity Trading

From the Automated Trading System Blog.....

We have already discussed how roll yield can negatively affect the overall return of a commodity holding The impact of contango or backwardation can be relatively large compared to the overall return. Petroleum has unfortunately been in the news lately. Nevertheless, Crude Oil performance last year gave us a good illustration of the impact that contango/backwardation can have.

CRUDE OIL – 2009

Crude Oil’s had a fantastic year in 2009. The spot price bottomed around 35 and topped 80 to finish on a near +100% performance. Many would assume that quick and easy way to double their money was to invest in Crude Oil in 2009 (assuming you could time the top and bottom perfectly). This is without counting the strong effect of contango that would have eaten into the return.

This can be illustrated by the fact that the USO ETF – supposed to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil – did not manage to emulate the levels of performance seen in the Crude Oil spot price in 2009. A mere +34% performance over 2009 pales in comparison with spot price performance. This is, of course, because the ETF managers invest in Crude Oil futures and are subject to the same contango, which eats into their returns.

Here is the charts of examples for Crude Oil in 2009....


How To Spot Winning Futures Trades....Watch Video NOW


Share

The “Secret” – and More Profitable – Sector of Natural Gas Stocks: Why NOW Is The Time to Buy Them

From guest analyst Keith Schaefer

This is what I call the “shopping season” for natural gas stocks. And even though I’m a longer term bear on natural gas, there is one part of the natural gas market that is not well known, I think mis-understood, and potentially mis-priced. As a result, I think it could make me money this year, and I think now is the time for me to be buying this little subset.

The reason for these purchases NOW is that every year, summer is the weakest time of the year for natural gas and sets up an annual trade for natural gas stocks, buy in June-August, sell in December-January when North American heating demand should have natural gas trading at its year highs.

Last year gas stocks languished badly through the summer, forcing fire sales on assets and it took every bit of goodwill the bankers and producers (in Canada) had for each other for some of these companies not to go bankrupt. But September 2009 saw a large seasonal jump in natural gas prices, they roughly doubled from $2.50/mmcf to $5 in January 2010, despite fundamentals remaining poor. And there was a great 4 month trading rally.

However, natural gas prices in the US and Canada actually turned up last week, enough to get the market excited. I see that the market wants this trade to work so desperately. I am not bullish intermediate or even long term on natural gas, so I expect that if there is a rally in gas, it will just be a traders rally. But like I said, last year gave investors a fantastic seasonal rally in natural gas stocks, as long as you sold in January, the seasonal high.

As a trader, natural gas does have some positive things going for it besides seasonality:

1. Technically, it had a minor breakout this week. The 28 week moving average for natural gas this week was $4.52. This is just my sense but as the price neared that level, more speculative fever came into the market that it would break through this level, and when it did, natural gas got a pop. And the Canadian market followed suit in sympathy.
2. The market is clearly willing to bid natural gas up on weekly injections that are only a bit smaller than last year.
3. It’s possible that at some point in the coming weeks the cumulative amount of gas going into storage will slip below last year, and the market could take that as a bullish point to move up the gas price. US gas is only about 2% above last year’s storage levels at this time. (See chart below).
4. And US gas prices will certainly get an emotional boost whenever the first hurricane is named.
5. Coal prices are trending higher, making natural gas more competitive in some areas.
6. US gas demand is up year over year and crude inventories are declining.
7. The blowout of a US gas rig in Marcellus shale could bring in new drilling regulations increasing the cost and time to get wells into production.

So I’m going to establish some small starter positions in producers in one particular subsector of the natural gas market – that is potentially mispriced by the market. All boe (barrels of oil equivalent) are not created equal.

Now, as usual with the stocks in my portfolio, these companies also have large undeveloped land packages, and are low cost producers. I’m not making any big bets yet, but subscribers will see where I’m going and can decide their own comfort level and timing.

In my next article, I’m going to tell you what this little known sector is, and why these particular natural gas companies are so much more profitable than their peers.

Read all of Keith Schaefer post at the "Oil and Gas Investments Bulletin"



Share

OPEC: No Need to Increase Supply

The Organization of Petroleum Exporting Countries said Wednesday it wouldn't need to boost its supply after cutting demand forecasts for its crude and boosting supply estimates for rival producers, despite the impact of a U.S. oil spill. In its monthly report for June, the organization also warned of likely downgrades in global consumption estimates in the second half, and slightly cut its annual forecast amid a slowing recovery.

OPEC cut 2010 demand estimates for its crude by 70,000 barrels a day and now sees a year on year decline of 175,000 barrels a day. "This would leave no room for additional crude oil supplies in the market," it said. OPEC's next meeting is not due until October. The organization, which members currently produce over a third of the oil consumed worldwide, is loosing market share to non members, which include Russia and the U.S.

It boosted non OPEC oil supply estimates by 110,000 barrels a day for 2010, making it an increase of 640,000 barrels a day. The largest upgrade came from U.S. supply, despite OPEC warning production there could be affected by an extension of a Gulf of Mexico drilling moratorium and a hurricane season expected to be worse than usual. The moratorium, which follows an explosion and a huge spill at BP's Macondo well on Apr. 20, is affecting 35 wells "which will have a heavy influence on production in 2010 and 2011," OPEC said.

The group also warned "an expected moderation in the pace of the economic recovery is likely to impact demand growth forecasts for the second half." It cut its global oil demand forecast for the year by about 10,000 barrels a day to 85.37 million barrels a day, but kept consumption growth unchanged at about 950,000 barrels. Despite the challenges they face in finding buyers for every new barrel they produce, OPEC members have been steadily increasing their output in the past twelve months.

In May, quota bound members increased production by 19,600 barrels a day to 26.83 million barrels a day, despite agreeing to 4.2 million barrels a day in cuts late 2008. Iraq, the only OPEC not subject to quotas, experienced the largest rise in the month, with 121,300 barrels a day.....Read the entire article.

What do Super Traders have in common?

Share

The Fibonacci Tool Fully Explained

If you are not already using the Fibonacci tool in your trading maybe you have heard of it. It is one of the most effective and simple tools to use in becoming a successful trader. And it is fully explained here in this video, it’s a technical tool that can make you rich.

You may have heard about Fibonacci, the man who discovered a set of numbers who that have a major affect on the market. So who is this Fibonacci fellow, and why are his findings so important in the market place?

The mathematical findings by this thirteenth century Italian man has yielded a useful technical analysis tool which is used in technical analysis and by scientists in a large array of fields. Born Leonardo of Piza, he is better known in the trading community as Fibonacci. Fibonacci’s best known work is Liber Abaci which is generally credited as having introduced the Arabic number system which we use today.

Fibonacci introduced a number sequence in Liber Abaci which is said to be a reflection of human nature. The series is as follows: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 and on to infinity. The series is derived by adding each number to the previous. For example, 1+1=2 , 2+1=3, 3+2=5, 5+3=8, 8+5=13, and so on.

We use the Fibonacci series mainly for retracements (see today’s video) and to show us where support and resistance might come into the market. We also use this tool to enter or add onto a position.
In this video we show you these exact retracements and how they affected the market at that time.

Click Here To Watch Video

There is no need to register for this video and of course you can watch it FREE with our compliments today.



Share

Crude Oil Daily Technical Outlook Wednesday Morning

Crude oil outlook remains basically unchanged. Recovery from 64.24 should have finished at 75.72 already. Further fall should be seen to retest 64.24 low first. Break there will confirm that whole decline for 87.15 has resumed and should target next key level at 60, which is close to 50% retracement of 33.2 to 87.15 at 60.18. On the upside, above 75.72 will bring another rise, but after all, upside should be limited by 61.8% retracement of 87.15 to 64.23 at 78.39 and bring fall resumption.

In the bigger picture, prior break of 68.59/69.50 support zone affirms our view that whole medium term rebound from 33.2 has completed at 87.15 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be seen to 50% retracement of 33.2 to 87.15 at 60.18 at least. Also, as rebound from 33.2 is viewed as as a correction to the whole correction that started at 2008 at 147.27, we'd anticipate a break of 33.2 low in the longer term. On the upside, break of resistance at 78 level is needed to be indicate that fall from 87.15 is completed. Otherwise, we'll stay bearish.....Nymex Crude Oil Continuous Contract 4 Hours Chart.

A Good Trading Education = a Good Trader = Good Profits....Watch INO TV

Share

Crude Oil Rises for Second Day After Industry Shows Drop in U.S. Oil Inventories

Crude oil advanced for a second day as an industry report showed a drop in U.S. crude inventories and confidence among U.S. small businesses rose, bolstering optimism that fuel demand will increase in the world’s largest user. Oil gained as much as 1 percent after the American Petroleum Institute said crude inventories dropped for a second week.

An Energy Information Administration report today will probably show stockpiles fell 900,000 barrels, according to a Bloomberg News survey of 15 analysts. The National Federation of Independent Business’s optimism index increased last month to the highest level since September 2008.

“There is some optimism with the macro data, especially in the U.S.,” Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne, said by telephone. “The last few weeks there’s been decent draws in the oil inventories in the U.S., and so the EIA data will be important to see if that trend continues.”

Crude oil for July delivery gained as much as 71 cents to $72.70 a barrel in electronic trading on the New York Mercantile Exchange, and was at $72.52 at 2:11 p.m. Singapore time. The contract rose 55 cents, or 0.8 percent, to settle yesterday at $71.99. Oil has declined 8.9 percent this year.

Risks to the global economic outlook have “risen significantly” and policy makers have limited room to provide support to growth, International Monetary Fund Deputy Managing Director Naoyuki Shinohara said in a speech in Singapore today.....Read the entire article.

Over 1,000 Hours of Trading Education

Share

Crude Oil, Natural Gas, Gold and Dollar Commentary For Tuesday Evening

Crude oil closed higher due to short covering on Tuesday as it consolidated some of Monday's decline. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 75.72 are needed to confirm that a short term low has been posted. If July renews the decline off May's high, last July's low crossing at 66.11 is the next downside target. First resistance is the 20 day moving average crossing at 73.39. Second resistance is the reaction high crossing at 75.72. First support is Monday's low crossing at 69.51. Second support is the reaction low crossing at 67.15.

Natural gas closed lower due to profit taking on Tuesday as it consolidates some of the rally off May's low. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If July extends this week's rally, the 50% retracement level of the November-May decline crossing at 5.151 is the next upside target. Closes below the 20 day moving average crossing at 4.389 would confirm that a short term top has been posted. First resistance is today's high crossing at 4.995. Second resistance is the 50% retracement level of the November-May decline crossing at 5.151. First support is the 10 day moving average crossing at 4.479. Second support is the 20 day moving average crossing at 4.389.

The U.S. Dollar closed lower due to profit taking on Tuesday as it consolidates some of this month's rally. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If June extends this year's rally into uncharted territory, upside targets will now be hard to project. Closes below the 20 day moving average crossing at 86.70 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 88.80. Second resistance is weekly resistance crossing at 89.71. First support is the 10 day moving average crossing at 87.28. Second support is the 20 day moving average crossing at 86.70.

Gold closed lower due to profit taking on Tuesday hinting that a double top with May's high could have been posted today. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If August extends this week's rally into uncharted territory, upside targets will now be hard to project. Closes below last Friday's low crossing at 1198.10 would confirm that a short term top has been posted. First resistance is today's high crossing at 1254.50. First support is the 20 day moving average crossing at 1216.60. Second support is last Friday's low crossing at 1198.10.

Check out the new "Trend TV"

Share

Can we Expect a Natural Gas Clampdown?

Natural gas blasts in Pennsylvania, West Virginia and Texas are being closely scrutinized as the energy market is already facing greater regulations on offshore drilling. CNBC's Sharon Epperson takes a closer look.




Just click here for your FREE trend analysis of natural gas ETF UNG

Share

Phil Flynn: Speaking Loud and Clear

The futures market is speaking loud and clear about the impact of the Gulf oil spill on oil prices but is the Obama administration listening? As I have pointed out in a previous article, the futures market is saying that when it comes to the gulf oil spill we will not have to pay today but hang onto your wallet tomorrow. The futures market is screaming that in the in the longer dated futures contracts that if we restrict offshore drilling in the Gulf or overregulated the price of oil it will go through the roof. Theses sentiments were outlined by an article in Bloomberg News.

According to Bloomberg News, "The oil market is signaling that prices have nowhere to go but up as the biggest spill in U.S. history curbs drilling and makes it more expensive to develop new fields.” Bloomberg point out something we talked about last week and that the spill in Gulf is signaling higher prices in the long run. Bloomberg says that, “Crude’s premium for delivery in eight years rose 86 percent since the April 20 explosion at the BP Plc leased Deepwater Horizon rig in the Gulf of Mexico, based on June 4 prices.

Oil for December 2018 was $22 a barrel more than for next month, compared with $11 before the disaster.” They go on to say, “More regulation may add $5 to the long term contracts, according to Deutsche Bank AG. President Barack Obama extended a ban on new deepwater permits and exploration by Royal Dutch Shell Plc in the Alaskan Arctic for six months, putting off limits as much as 23.2 billion barrels of potential resources, equal to 76 percent of all reserves proven in the U.S.”

The number of rigs drilling in the Gulf of Mexico plunged 50 percent last week to the lowest level in 16 years, Baker Hughes Inc. reported June 4. “The president said stop drilling, and now we are seeing the result. Yet is the president getting the message? The Wall Street Journal reports, “The Obama administration, facing rising anger on the Gulf Coast over the loss of jobs and income from a drilling moratorium, said Monday that it would move quickly to release new safety requirements that would allow the reopening of offshore oil and gas exploration in shallow waters.”

Phil can be reached at pflynn@pfgbest.com and don't forget to watch him daily on the Fox Business Network

Get Started Trading Crude Oil Now....With 10 FREE Trading Lessons

Share

Crude Oil Daily Technical Outlook For Tuesday Morning

No change in crude oil's outlook. As noted before, recovery from 64.24 should have finished at 75.72 already. Further fall should be seen to retest 64.24 low first. Break there will confirm that whole decline for 87.15 has resumed and should target next key level at 60, which is close to 50% retracement of 33.2 to 87.15 at 60.18. On the upside, above 75.72 will bring another rise, but after all, upside should be limited by 61.8% retracement of 87.15 to 64.23 at 78.39 and bring fall resumption.

In the bigger picture, prior break of 68.59/69.50 support zone affirms our view that whole medium term rebound from 33.2 has completed at 87.15 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be seen to 50% retracement of 33.2 to 87.15 at 60.18 at least. Also, as rebound from 33.2 is viewed as as a correction to the whole correction that started at 2008 at 147.27, we'd anticipate a break of 33.2 low in the longer term. On the upside, break of resistance at 78 level is needed to be indicate that fall from 87.15 is completed. Otherwise, we'll stay bearish.....Nymex Crude Oil Continuous Contract 4 Hours Chart.

Today’s Stock Market Club Trading Triangles


Share

Kevin Kiefer: Job Growth is Key to Recovery and Market

Friday's job numbers were very disappointing with private sector hiring declining significantly. What people need to understand is that there are enormous deflationary pressures in this economy and job growth is the only way to overcome those headwinds. Without strong job growth, this recovery and this stock market are both toast. The consumer and the private sector are continuing to deleverage and pay down debt....which is very deflationary but is a needed process in a system that had too much leverage. Even with the public debt soaring, total US debt (includes private and public debt) is declining.

We think this process will need to go on for many years with higher saving rates than what we have seen the past decade. Given this, the economy and the market can still do well if we have job growth to replace the aggregate demand lost due to the increase in savings. Also, after a few years of credit card debt going down, more income will be used to spend instead of interest payments which is a boost to the economy. As we have mentioned before, companies have cut to the bone and we believe that productivity can't go much higher in the short run so any increase in demand will lead to higher job growth than what we saw in May. We must watch the ISM and durable goods data to determine if demand is still increasing and if so, we expect much better private sector hiring in the months of June and July.

We are also still watching the 200 and 50 day moving averages on the S&P 500. We are well below both of these key moving averages with the 200 day at 1006 and the 50 day at 1154. It is very possible that the market may get a relief rally soon and we'll need to get a close above the 200 day moving average in order for us to put on more positions. If the economic data still points to demand increasing, then we should see the market get back above the key 200 day moving average quickly. Having said all of this, I am not selling or buying right now... and so I have no stock picks tonight. We'll need to keep a close eye on the economic data this month and on the charts and we'll let you know when it is safe to buy again or if it is time to sell all of our remaining positions.

I'm still a believer in this recovery... but if the market keeps hanging around below the 200 day and we can't get a close above it on the next leg higher, then I'll have to rethink that. Also, if the economic data starts coming in weaker than expected, then I'll also have to rethink that. We need good data this month to get the one thing we need to keep this economy and market going, JOBS.

Analyst Kevin Keifer can be reached at Kevin@tickerhouse.com

Check out more great articles from Kevin and the staff at Ticker House .Com


Share

Where is Crude Oil and Gold Headed on Tuesday?

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil & gold are likely headed tomorrow.




Get Your FREE Preview of INO TV

Share

Crude Oil, Natural Gas, Gold and Dollar Commentary For Monday Evening

Crude oil closed down $0.54 at $70.97 a barrel today. Prices closed near mid range today. Bears have regained the near term technical advantage and have resumed a five week old downtrend on the daily bar chart. The next near term upside price objective for the bulls is producing a close above solid technical resistance at $76.00 a barrel.

Natural gas closed up 14.4 cents at $4.941 today. Prices closed near the session high today and closed at a fresh three month high close. Prices have seen a bullish upside "breakout" from a recent trading range at lower price levels. Recent price action suggests a major market low is in place in natural gas. Bulls have gained fresh upside near term technical momentum recently.

The U.S. dollar index closed up 23 points at 89.02 today. Prices closed near the session high today and hit a fresh 14 month high. European Union sovereign debt troubles will continue to support the dollar index. The bulls still have the solid overall near term technical advantage. There are still no early technical clues to suggest a market top is close at hand.

Gold futures closed up $23.10 at $1,240.80 today. Prices closed near the session high today on short covering and fresh speculative buying. There was a rumor that one big hedge fund was a major buying of gold with the Euro currency today. More safe haven buying interest in gold was also seen today. The gold bulls have the solid overall near term technical advantage and regained upside momentum today. There are still no early technical clues to suggest a market top is close at hand.


Daily MarketClub Alerts.....Just Click Here!


Share

What Are You Waiting For....Start Trading Crude Oil Today With 10 FREE Trading Lessons!

You have put off trading crude oil long enough. With ETF's like USO, DTO, UNG and more it's easy for any investor to take advantage of this market no matter which way it's headed. And here is the best way to get started. Our FREE trading lesson program is designed to give traders some insight, tools and practices to help them trade successfully.

In this free, informative email course, we will show and explain the tools and strategies you need to increase your success rate in the marketplace. A few of the subjects that we will cover are:

(1) The importance of psychology in price movement

(2) How to spot mega trends

(3) Understanding of technical price objectives

(4) How to picture price objectives

(5) How to trade with moving averages

(6) How to use point and figure trading techniques

(7) How to use the RSI indicator

(8) How to correctly use stochastics in your trading

(9) How to use the ADX indicator to capture trends

(10) How to capitalize on natural market cycles.

Plus, you will you will learn about Fibonacci retracements, MACD, Bollinger Bands and much more.

It will only take a minute and we'll get you started right away!

Here is the "Link to Your 10 FREE Trading Lessons".....Get started RIGHT NOW!



Share

Phil Flynn: The Great Misleader

The reason why last week's jobs report was so bad was because we were mislead and told it was supposed to be so good. The Obama administration told the markets a big whopper and the market made them pay. The global economy is looking for confidence and credibility so when the administration misled us the market now thinks they may be hiding something worse. Both Obama and Bided falsely raised the expectations of the market place by touting a super strong jobs report that was not there on Friday.

If you don’t have anything truthful to say about an upcoming report then say nothing at all. If you want to spin the report to your own political advantage, well that is fine with me but do it after the report is released and not before. So much for this so called great jobs report that showed that the private sector employment is struggling. The part of the report that they were trying to get people to focus on was the headline number that showed there were 431,000 jobs created in May nationwide. Sounds great but.....Read the entire article.

Breaking Market News....The Most Complete, Current Trading News!


Share

Crude Oil Daily Technical Outlook For Monday Morning

As noted before, crude oil's recovery from 64.24 should have completed at 75.72 already. Further decline remains in favor to retest 64.24 low first. Break there will confirm that whole decline for 87.15 has resumed and should target next key level at 60, which is close to 50% retracement of 33.2 to 87.15 at 60.18. On the upside, above 75.72 will bring another rise, but after all, upside should be limited by 61.8% retracement of 87.15 to 64.23 at 78.39 and bring fall resumption.

In the bigger picture, prior break of 68.59/69.50 support zone affirms our view that whole medium term rebound from 33.2 has completed at 87.15 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be seen to 50% retracement of 33.2 to 87.15 at 60.18 at least. Also, as rebound from 33.2 is viewed as as a correction to the whole correction that started at 2008 at 147.27, we'd anticipate a break of 33.2 low in the longer term. On the upside, break of resistance at 78 level is needed to be indicate that fall from 87.15 is completed. Otherwise, we'll stay bearish.....Nymex Crude Oil Continuous Contract 4 Hours Chart.

How to Use Money Management Stops Effectively

Share

Crude Oil Extends Drop After Report Shows Less U.S. Job Growth Than Was Forecast

Crude oil dropped for a second day on concern the government debt crisis in Europe will widen and after the U.S. added fewer jobs than forecast last month, slowing a recovery in fuel demand.
Prices posted their biggest two day decline in a month as the euro dropped against the dollar on speculation Europe’s sovereign debt crisis will spread into the financial system. Oil fell 4.2 percent on June 4 after the Labor Department said that payrolls rose by 431,000 in May. Economists projected a 536,000 gain, according to the median forecast in a Bloomberg News survey.

“The U.S. payroll data was on the weak side of expectations and put a question mark next to the rate of U.S. economic recovery,” David Moore, a commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney, said by telephone today. “Concerns about Europe haven’t gone away. There are stories starting to emerge about Hungary’s fiscal position and that is affecting market sentiment.”

Crude oil for July delivery fell as much as $2, or 2.8 percent, to $69.51 a barrel in electronic trading on the New York Mercantile Exchange, and was at $70.04 a barrel at 10:22 a.m. Singapore time. The contract has fallen 6.1 percent since closing at $74.61 a barrel on June 3, the biggest two day decline since May 6.

The U.S. government hired 411,000 temporary workers for the 2010 census, accounting for the bulk of the gain in employment. Private payrolls rose a less than forecast 41,000. The growth in jobs in the private sector followed an increase of 218,000 in April that was revised from 231,000.....Read the entire article.

Still Our Best Deal Yet.....Get 10 Trading Lessons FREE

Share