Unleaded Unplugging
April
unleaded gasoline
(
HUK1 |
Quote |
Chart |
News |
PowerRating), the leading contract on the Momentum-5
List, is surging to a new contract high on
concerns that tight supplies will drive prices higher going into the peak summer
driving season. Unleaded gapped sharply higher last week after the
American Petroleum Institute’s weekly report showed an unexpected drawdown in
inventories, sparking fears of a supply imbalance. The strong rally this morning
has taken the contract over 1.000 a gallon.Â
Unleaded’s rally is taking related energy futures higher
as well: crude oil
(
CLK1 |
Quote |
Chart |
News |
PowerRating) is up
.54 to 27.60 and
heating oil
(
HOK1 |
Quote |
Chart |
News |
PowerRating)Â and natural gas are in rally mode.
In the currencies, the
British pound
(
BPM1 |
Quote |
Chart |
News |
PowerRating) tipped its hand that it could rally by posting on
the
New 10-Day Highs List. The pound is up nearly 100 ticks to 1.4458,
decoupling from the European currency futures, which are lower.
Stock index futures continue to show weakness despite
green readings in all three major contracts: the
Nasdaq 100 futures
(
NDM1 |
Quote |
Chart |
News |
PowerRating),
S&P futures
(
SPM1 |
Quote |
Chart |
News |
PowerRating), and
Dow futures
(
DJM1 |
Quote |
Chart |
News |
PowerRating) are now showing only marginal gains after initial
pushes to the upside. The Naz remains an Implosion-5
market.Â
Interest rate futures are lower on the positive showing in stock indexes. T-bonds
(
USM1 |
Quote |
Chart |
News |
PowerRating)
are down a half-point but the Momentum-5
Listed 10-year notes
(
TYM1 |
Quote |
Chart |
News |
PowerRating)Â are trading just four ticks
off break-even levels after trading at yesterday’s closing level. This
demonstrates the benchmarks’ (the 10s) propensity to rally if indexes head
south.Â
April live cattle
(
LCJ1 |
Quote |
Chart |
News |
PowerRating) are down and making good on their Turtle Soup Plus One
Sell setup.