Gold has worked down from Alexander's time... When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory.
Bernard M. Baruch
A term not used in quite some time but if commodities continue to surge higher as they did this week expect this word to re-emerge. The 20 day MA has supported Crude for the last four sessions; in June at $107.70. We’re still expecting a trade lower but on a settlement above $111/barrel we would exit shorts. Natural gas will end higher on the week but we still need to see a trade above the 200 day MA to get more long interest; our target remains$4.45/4.50 in July. The 50 day MA’s remain the pivot
Higher high and higher low in Crude today…we could get a slight bounce from here but aggressive traders are advised to fade this rally as $102/103 is our target in the June contract. Natural gas picked up 2% today but will need to clear the 100 day MA to see further upside. We are long July futures and call spreads for some clients with a target of $4.45/4.50. Equities as of this post are holding onto slight gains but we do not expect much upside from here. Our bearish bias still exists as we feel
Not a trend shift but rather just a counter trend move in a number of markets is underway…in our opinion. June Crude will finish slightly higher as the 20 day MA has held for the last two sessions. We’re looking for another $3-5 sell off in the futures but we expect it to be a bumpy ride. Aggressive traders are advised to sell rallies in Crude and the distillates. Natural gas traded above the 50 day MA but has yet to settle above that pivot point. We favor long exposure in July contracts with a
Perhaps an interim top in Crude as prices are down over 4% today with the
front month trading back near $109/barrel. We expect to see some downside
follow through in tomorrow's session and have a first target at the 20 day
MA, about $3 from current pricing. That should equate to a 15-20 correction
in the distillates as well. In our opinion natural gas is a buy.we're
suggesting July futures or July bull call spreads. We feel there is roughly
20 cents of
By Dian L. Chu, EconMatters
In early March, White House Chief of Staff Bill Daley told NBC that the Administration was considering releasing oil from the Strategic Petroleum Reserve (SPR) if it deems the high oil prices would threaten the U.S. economic recovery.
President Obama, in a press conference on March 11, also reiterated that a plan to tap the SPR was "teed up" and said he would move quickly should ‘conditions’ worsen. However, the