OPEC Extension Energizes Energies, Stock Indexes Plummet
Word that the Organization of Petroleum Exporting Countries (OPEC) would extend production-cut agreements through May sparked a rally in crude oil, despite forecasts that Tuesday’s weekly American Petroleum Institute’s (API) report will show growing stockpiles of crude and its derivatives.
Both February crude [CLG0>CLG0] and unleaded gas [HUG0>HUG0]
indicated they could reverse by registering on the Turtle Soup Plus One Buy list, rising 1.10 to 25.77 and .0176 to .6872, respectively. Heating oil [HOG0>HOG0] also rallied .0203 to .6675 and natural gas [NGG0>NGG0] added .044 to 2.260.
Stock indexes slumped in a volatile day of trading as traders once again began fretting that government report, scheduled for release later this week, will show rising inflation. March Dow futures [DJH0>DJH0] made good on their Turtle Soup Plus One Sell set up, falling 81.0 to 11,621. March S&P futures [SPH0>SPH0] sank 20.70 to 1454.30 and the NASDAQ 100 futures [NDH0>NDH0] lost 195.00 to 3575.00.
From the Pullback Off Lows List, March T-bonds [USH0>USH0] accelerated to the downside–and closed at a new contract low—