Looking Eastward
Energy traders are looking east after last night’s weekly report from the
American Petroleum Institute. For although the report showed inventories
fell to their lowest level in six months, observers noted most of the drawdown in inventories occurred in the west. NYMEX energy contracts are primarily
based on the supply and demand situation in eastern states.
The Department of Energy’s report released after the API worked to
confirm what could have been construed as a bullish report by showing a drawdown in inventories only one-third as great as the API.
Last night’s new Nightly Futures Traders Report pointed out that energies
had logged consecutive outside days down in recent days, demonstrating a
negative bias. All three contracts are making good on Off The Blocks
shorts and are down 1.5% to 2.1%.
S&P futures
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PowerRating) were poised for a reversal after
registering a
Turtle Soup Plus One
Sell signal. After a head fake higher on the opening, the contract triggered at
1102.50 — the previous 20-day high — and has headed south
since.
Look for a potential rally in
December cotton
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PowerRating) as it
has logged a
Turtle Soup Plus One
Sell signal. New York Board of Trade contracts continue in shortened trading
sessions following the destruction of the World Trade Center.