Driving Higher
Was it three days of vicious selling that took it down 14% or the
Automobile Club of America’s statement that there will be more cars on the
road through the end of the summer driving season this coming Labor Day?
Both are playing a role today as unleaded gasoline
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makes its biggest gain in weeks. News that entities who “borrowed”
oil when former President Bill Clinton released oil from the Strategic
Petroleum Reserve last year will begin returning stockpiles is also being
factored into the supply-and-demand equation as slightly less oil will be
available in the national market place during the redemptions.
The Japanese yen
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to make good on a Pullback From Highs
reading.Â
Going the other way, September copper
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making good on a Pullback
From Lows setup and filling a gap left two days
ago.Â
From the Implosion-5 List,
Canadian dollars
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short entry and are trading at a new two-month low. Notice that this market
has a head-and-shoulders top and a more recent and smaller double top
looming.Â
Financial futures markets are trading sideways waiting for the FOMC’s
expected 25-basis-point cut in short-term interest rates to 3.5%.