Dangerously Low Oil Supply
The American Petroleum Institute reported that oil stockpiles dropped to their
lowest level in 24 years, heightening concerns that spot shortages will surface.
Crude oil and heating oil are each down over 3.3%.
Natural gas, from the Momentum-5
List, is rallying for a seventh consecutive day.
After an exceptionally volatile month in July that
resulted in 25% swings, coffee is continuing lower and is setting up to probe
new multi-month lows. The recent volatility has hiked the contract’s 100-day
volatility average and several days of narrow-range trading has brought the
contract onto the
Multiple Days Low
Volatility List. Coffee also posted on the
New 10-Day Low List and lower highs have set the contract up in a descending
triangle pattern.
December cotton
(
CTZ0 |
Quote |
Chart |
News |
PowerRating), a new entry on the Momentum-5
List, hit a new two-month high. The contract is pulling back slightly but is
finding support at Tuesday’s high, which could provide a launch pad for more
upside.
Dow futures just started making good on a Turtle Soup Plus One
Sell setup and are down 74.0 on the day at 10,955.0.
