Energies Refueling Momentum?
Marc Dupee will be out of the
office until October 9. During his absence this column will be written by
TradersWire’s Duke Heberlein.
Energies appeared to be ramping up and starting to refuel
for a possible run at life-of-contract highs in Monday’s trading, as global
attempts to control crude, gas and natural gas prices appear to be having little
effect. Crude oil
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close out the regular trading session at 32.18, a gain of 4.35%. Unleaded
gasoline
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winner, gaining 4.32 %, up .0366 to .8831, and heating oil
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PowerRating), from the Pullback From Highs List ended the day up .166 at 5.352 per contract. This has it bouncing of its 20-day
moving average and could have traders looking for continued movement to the
upside.
Index futures were mixed, with the Dow futures
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futures
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futures
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low. December T-bonds
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Research David Landry over the past two nights in his “Futures Trading Outlook,”
appeared to finally fall out of a pullback from lows, dropping .18 to 98.03.
 December dollar index futures
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to regain some of their strength they lost recently, gaining .55 to close at
113.55. The British pound
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enough to trigger a Turtle
Soup Plus One Sell signal. The Swiss franc
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and the Japanese yen
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Canadian dollar
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vulnerable to downside pressure after trading lower for the third consecutive
day after violating a level of previous support, down .0020 to .6640.
Corn
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List, looks poised to break out above a low-level double-top formation
gaining 1 1/2 to 199 1/4 and December wheat
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nearing a potential breakout of its trading range. November soybeans
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did not fare as well, giving back 1 to end the trading at 489 1/2.
Pork bellies
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following its spike up from a low-level triangle, but still managed to pull
positive on the day, up .175 to 65.725. Live cattle
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List, continued to climb higher, gaining .300 at 69.375. October lean hogs
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PowerRating), from the same indicator list, were the biggest winners in the
meats, adding .550 to close the day at 58.900.
The softs, for the most part continued to trade around
their lows going into the Globex overnight session, with November orange juice
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789, coffee
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best day, ending up unchanged at 9.77.