Crisis, Says IEA
Citing that conditions in North America have reached a
“crisis” in the supply of some fuels, the International Energy Agency
warned prices of gasoline could soar this summer when the driving season kicks
into high gear.Â
The energy contracts have been led higher by unleaded
gasoline, with strong gains also coming from heating oil, an oil derivative
product similar to diesel.Â
Energy contracts dominate the Momentum-5
List. May
unleaded gasoline
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with five gaps, two expansion bars, and several laps etched on the daily graph
within the last 21 days. As mentioned in yesterday’s Futures Market Recap,
energy contracts left tails near highs, implying (upside) continuation moves.
Unleaded, crude oil
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heating oil
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entries.Â
Stock index futures are rebounding as semiconductors
reassert. The semiconductor index
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as much as 14% — and the index has turned from a 2% negative reading to its
current up 2.82% reading.
Nasdaq 100 futures
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intraday high and have rallied 60 handles off the low. Performing similarly, the
S&P futures
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In a pre-Good Friday-shortened session, interest rate
futures T-bonds
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producer prices in seven months, on the lowest Michigan consumer confidence
report since November 1993, and on the drop in retail sales. But the turnaround
in equities — especially the Dow which is now positive — is prompting a test to
recent lows in the bonds, an Implosion-5 List
market, and in the 10-year notes
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PowerRating), which hit a
New 10-Day Low yesterday.Â
With a distinctive head-and-shoulders top, Implosion-5
List member soybean oil
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dominated by the big down bar forged on Tuesday (i.e., the contract remained
below the mid-point of the 4/10/01 downside expansion bar yesterday and today).
Bean oil is off .1500 at 15.2100.