Supreme Saudis Ready To Fill Tank
Energy traders are finding reason to take profit ahead of a
meeting by the committee that oversees oil policy in Saudi Arabia. The Saudi
Supreme Petroleum Council (SPC) is meeting today to discuss ways to lower the
price of oil, and traders have been dumping contracts in anticipation of a unilateral
proposal to increase global supply. Crude and heating oil have tailed off the
most from contract highs in the oil sector, falling over 1.5% each.Â
Stock index futures are ebbing from their slow creep
higher, despite good action in various market “glamours” such as
Juniper Networks and Corning, which are up 11 and 15, respectively. Three
signals from the
Market
Bias Indicators Page left a strong hint that index futures could decline and
Dow futures are down triple digits.Â
Silver, a strongly downtrending market from the Pullback From Lows List,
is trading just below the low of a three-bar pullback, a traditional entry for a
pullback setup.Â
Grains have popped up on dryness in key growing regions
during the past weeks. Corn registered a Turtle Soup Plus One
Sell setup, reversing off a 20-day high, and is making good on the
signal.Â
Also in the Turtle Soup Plus One
Sell department, cotton is dipping off contract highs and making good on the
setup.Â