Hurricane Force
Down by 10%, natural gas’
(
NGX1 |
Quote |
Chart |
News |
PowerRating)
implosive move this morning suggests the recent upside bias in this contract
is over. With hurricane Michelle no longer on the radar screen in the Gulf
of Mexico — home to the platforms that extract about 40% of the nation’s
oil — the hurricane premium built into the contract last week is vanishing.
Forecasts of mild weather across the country are also removing recent buying
force from nat gas.Â
After holding at the
50% retracement of their swing from 10/23 to the recent high, T-bonds
(
USZ1 |
Quote |
Chart |
News |
PowerRating)Â are
continuing higher. This contract is a Momentum-5
List member and is making good on an Off The Blocks
long.Â
Also from the Momentum-5
List, British pounds
(
BPZ1 |
Quote |
Chart |
News |
PowerRating) are rallying back despite the
worst showing in industrial production in four years.Â
November soybeans
(
SX1 |
Quote |
Chart |
News |
PowerRating)Â are continuing higher and maintaining
their upside
bias.