Gore Stumps For Oil
Presidential hopeful Al Gore chimed in on the energy scene Thursday, calling for
an infusion of oil from the US Strategic Reserve to quell decade-high prices.
Gore said he would ask that the White House arrange to pump oil from the
reserves to replenish national stockpiles that are standing at levels that many
believe will be insufficient to avert shortages of distillates such as diesel
and heating oil.
Crude oil
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session, shedding 3.52%, or 1.24 to 34.00. Unleaded gasoline
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made good on its
Turtle Soup Plus One
Sell setup in this setting to close .072 lower at .9507, and heating oil
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T-bonds
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recent low hit Monday and rallied over half a point in a Turtle Soup Reversal (which occurs in the same day, rather than the following day as in the more commonly referred to
Turtle Soup Plus One setup). The December contract closed
15/32 higher at 98 3/32.
Stock index futures closed mixed.
Dow futures
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would increase by double digits on a percentage basis over the next three years.
Wal-Mart (WMT) and Home Depot (HD) also rallied to give the Dow futures a
positive 90.0 finish to close at 10,895.0. Other Dow components, up more than 4%,
are responsible for the Dow holding in positive territory. September S&P futures
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gained a fraction, and
NASDAQ 100 futures
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economic expectations.
Another indicator of the possible up move in the Dow
futures was five up-readings from the
Market
Bias Indicators Page. More than three of these indicators pointing up at the
same time is a strong indication of a turnaround.
After hitting a
New 10-Day Low Thursday, December wheat
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and has struck new contract lows before settling 2 1/4 lower at 247 1/2.
October sugar
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descent that began after the contract dropped out of a consolidation-on-highs pattern.
Sugar made good on an Off The Blocks
setup (which works with contracts on the
New 10-Day Low list as well as contracts on the Implosion-5 List).
Recent strength off lows in lean hogs
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October contract on the Momentum-5
List. Hogs followed through on its expansion bar-to-a-one-month-high, and
added .75 to 56.325.
January pork bellies
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Wednesday of the highest levels of frozen bellies and hams in the past 50
years.
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