Wednesday is the day….That’s right I’m calling a break through 7000 today. This is for a couple of reasons. Number one is Iran. These guys have taken it to a new level with their recent admisssion to a full blown uranium enrichment program and refusal to cease it’s operation. Number two would be the long weekend ahead and all of these geopolitical tensions in play. Wednesday is the last full day of trading until the following…
Monday. Sure the market will be open for a half day on Thursday but you better know the volume will be very light and all the big money will have their positions in place by the close on Wednesday.
Don’t expect DOE inventory numbers to do much for the Bears even if they show builds across the board. There is no snapshot report that wil be able to effectively move this market to the downside. Unleaded broke through resistance this week and it only seems fitting that Crude will follow. I exited half of the bull call Crude Oil spreads we were holding and locked in a profit. I will work orders tomorrow at 90 cents to exit the remaining spreads. Matt Odom 4-12-2006