Archive | September, 2012

Lighten up in stock portfolio and establish hedges

Energy: Crude oil finished the week lower albeit $3 off its low. In the last 2 weeks prices have dropped by approximately 8% and my stance is that we will see lower trade still. Mildly supportive action today as prices remained above the 100 day MA but the 50 day MA should cap further upside; […]

Continue Reading 0

Makes no sense, distillates up and Crude down

Energy: Crude oil has completed a50% Fibonacci retracement losing another 1.5% today. This is the first settlement under $90/barrel since the first week of August. The 100 day MA should now serve as resistance. While the easy money has been made on bearish trade I think we could see a probe under $87 and then […]

Continue Reading 0

Streak in 30-yr Bonds

Energy: November Crude oil is trading under its 100 day MA as of this post lower by 1.15% trading to near a 7 week low. Prices are nearly $10 off their highs form less than 2 weeks ago. A 50% Fibonacci retracement on this contract puts prices at $89.25 while a 61.8% retracement drags prices […]

Continue Reading 0

Copper candidate for correction south

Energy: Crude oil will start the week down 1% closing just above its 100 day MA. $93 should serve as resistance and on the downside my target remains a trade under $90 on the November contract. RBOB lost 1.14% unable to trade above the 8 day MA the last two sessions. Further downside is expected […]

Continue Reading 1

Buck is on the move

Energy: Crude oil traded below but closed just above its 100 day MA finding mild support at the 38.2% Fibonacci retracement. I continue to be bearish but I cannot rule out a bounce to $94/94.50 before selling commences again. My target on November remains $89.25. RBOB advanced nearly 2% bouncing off its 50 day MA. […]

Continue Reading 0

Metals Bull Run is Over

Energy: Crude oil has lost $8/barrel in the last 3 days challenging the 100 day MA for the first time in 5 weeks. On its lows November completed a 38.2% Fibonacci retracement. If prices can get below $91.70 which I believe they can my next target would be $89.25. The relief predicted at the pump […]

Continue Reading 0

Inflection Point

Energy: Light volume can exaggerate moves so let’s see what happens the remainder of the week. $100 was rejected in November Crude oil futures with a near $5 trading range in today’s action. A close under $96.50 puts November back under the trend line. I see support at $94.50 followed by $91. RBOB lost nearly […]

Continue Reading 0

Uncle Ben Bets

Energy: November Crude traded above $100 barrel but settled below that level. Lightening up on longs is suggested but I’m willing to hold onto positions under water into next week to see if prices roll over. If prices reach higher levels I will be advising clients to take their losses. RBOB recouped the previous 2 […]

Continue Reading 0

The trend is your friend

Energy: November Crude oil closed slightly lower. On its high it touched the 61.8% Fibonacci level and on its lows it touched its 8 day MA. I continue to position clients with a bearish bias expecting a trade closer to $90 in the coming weeks. RBOB failed to hold onto its gain reversing midsession to […]

Continue Reading 0

Clear shot at the Loonie

Energy: Crude oil finished slightly higher today but as I’ve said as long as prices are under $98 in October I remain bearish. I did advise clients to roll their positions today for October to November but stay short. In the coming days I suspect prices will trade south towards $90. RBOB inched out gains […]

Continue Reading 0