Archive | May, 2012

Europe Sneezes – Markets Catch a Cold

Energy: Crude oil will trade down by just better than 2% dragging prices to 4 ½ month lows with prices hitting my next support level; a 50% Fibonacci retracement at $94. If this level gives way expect the next stop to be the 61.8% level at $90/barrel. Those scaling into longs should have been stopped […]

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Thank God it’s Friday

Energy: Crude will finish the week lower but the key to me was June held onto the $96 level heading into the weekend. Prices have gone from overbought to oversold in less than two weeks by shaving off 10% in value. My take is traders can scale into longs looking to add to the trade […]

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Back in the Green

Energy: For the first time in seven trading sessions Crude made a higher high and higher low as prices will close virtually unchanged today. Sales between $96-97 continue to get rejected. I would not rule out a sideways congestion and on a settlement back above $98 I would venture to say increase bullish exposure. For […]

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Tug of War

Energy: Crude closing lower today makes it six days in a row but more so than that what I picked up today was that again selling being rejected. On average in the last three sessions prices in June futures have closed almost $1.50 off their respective lows. My suggestion would be scaling into long futures […]

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Europen Contagion

Energy: With Crude oil collapsing over $10 in the last week we’ve gotten the correction I had anticipated. If readers remember I was calling for $97.50 4-6 weeks ago. The next support level is $94 followed by $90 in the June contract. Based on the buying the last two days lifting prices to close near […]

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Drop Ahead of Jobs #

Energy: Inside day in Crude oil closing lower by nearly 1%…this is not bullish. On a close back under the 40 day MA; in June at $105.25 aggressive traders could initiate shorts again. It seems like I’m jumping back and forth but my friend that is the market. I advised some clients today to get […]

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MAYbe Time to Sell

Energy: Crude oil closed above the 40 day MA for the first time in three weeks approaching the $106 level in the June contract. I advised all shorts to get out on this move. Seasonally should the market set an interim top …yes and do the fundamentals justify prices at these levels…no. I learned a […]

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