Oil Eyes OPEC
As the date for the next scheduled Organization of
Petroleum Exporting Countries (OPEC) meeting approaches, traders are focusing on
the the cartel cutting back on output as the oil market goes into a season of
lower demand.
April heating oil
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PowerRating),
which hit its lowest levels since last summer, gapped open and kept heading
higher, making good on its Turtle Soup Plus One Buy
setup. Heating oil has also been indicating that it could make a
larger-than-normal move by registering on the Multiple Days Low
Volatility List.Â
T-bonds
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PowerRating) provided entry off an intraday double top and filled the
panic gap left two days ago, trading now at 105 17/32, a short-term support
level. Bonds have bled lower as Greenspan left no indication that the Fed will
cut interest rates.Â
The Japanese yen
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PowerRating) collapsed overnight
following the Bank of Japan’s cut to .15% (yes!) in short-term interest rates
and last night’s resulting tumble in Japanese stocks to a 16-year low.Â
April lean hogs
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PowerRating), one of the most bullish markets currently,
gapped higher and has fallen from opening highs. If hogs continue their descent,
they will leave a reversal engulfing bar that could, short-term, halt their
strong momentum phase.