OPEC Targets Prices
Crude oil is recovering from a steep slide that took
the price of a barrel down more than $9 since Sept 17. In the third day of a
reflex rally,
November crude oil’s
(
CLX1 |
Quote |
Chart |
News |
PowerRating)
bounce was halted at the 38.2% retracement of its recent decline. OPEC said it
may cut production if prices remain below their $22 to $28 a barrel target
range.Â
Although
December gold
(
GCZ1 |
Quote |
Chart |
News |
PowerRating), from the Momentum-5
List, rallied early to make good on an Off The Blocks
long, resistance at recent highs is containing further advances as the
metal bounces lower after forming intraday double tops.Â
But also from the Momentum-5
List, silver
(
SIZ1 |
Quote |
Chart |
News |
PowerRating) is advancing and trading on its high of the
session.Â
Debt futures are flat following a surprisingly strong
Michigan consumer confidence report. Although the report was down, it did
not drop as much as many feared in light of the Sept. 11 attacks. The
National Association of Purchasing Management-Chicago manufacturing rose
this month to 46.6 from 43.5 last month, suggesting the economy may not be
in as bad of shape as many suspect. The regional report also suggests that
the national NAPM could come in stronger than expected. Still, traders don’t
seem willing to abandon long positions and both T-bonds
(
USZ1 |
Quote |
Chart |
News |
PowerRating)Â and
10-year notes
(
TYZ1 |
Quote |
Chart |
News |
PowerRating) are coming back from session lows.Â
From the
Implosion-5 List, October sugar
(
SBV1 |
Quote |
Chart |
News |
PowerRating)Â plunged in the
early going to make good on an Off The Blocks
short. The descent was halted at the low from two days ago and we retraced
just over 38.2% of the recent decline in a shortened session.