Oil Battle Brews
Following through on a Turtle Soup Plus buy signal from
two days ago, energy contracts are rallying sharply for a third consecutive day
as tensions mount in the Middle East and as the US experiences lower-than-normal
temperatures across much of the country.Â
Saudi Arabia has come out in strong opposition to
Israel’s position on Jerusalem and the Palestinian demand for an autonomous
identity in the city and in contested lands. Saudi Arabia could threaten to hold
oil off the world market, using this trump card as a method to influence the
outcome of events in Israel. Protests and demonstrations against violence in
Israel have been held in many Middle Eastern countries, including Kuwait and
Syria. Crude oil, unleaded gasoline, and heating oil are all trading on the
highs of the session.Â
Nasdaq 100 futures continue slumping and making good on
their
Implosion-5 List
reading, getting hammered today by a poor showing in the semiconductor sector.
The futures are trading at a three-month low, but are finding some support at
the 3250 level.Â
Pork contracts are rallying out of Pullbacks.