What’s Up, What’s Down: Crude Looking Bearish, Dollar Rebounding

Comments for Friday, September 25, 2009

Looking Ahead to Today by Reflecting Back at Thursday’s Price Action


Higher close on Thursday for the US Dollar Index while lower for the Euro, Swiss franc, Aussie dollar, pound, Japanese and Canadian dollar. All of the currencies still are in uptrends but the BRITISH POUND gave me a SELL SIGNAL today. The euro and Swiss continue to look higher overall but the yen has been consolidating over the last few weeks while still in an uptrend. The Canadian dollar closed lower again trading between 9000 and 9400 since July and was gradually moving higher until today but now is back in the middle of its range basis the December contract. The Aussie dollar closed lower also but continues to look strong overall. The US Dollar Index settled higher but first needs to close over 7734 before it looks like a possible turnaround.

British Pound Chart


Sharply higher settlement yesterday for natural gas again but sharply lower for crude and heating oil along with the rbob also again giving me a SELL SIGNAL in the heat and second SELL SIGNALS in the crude and rbob which is very bearish. Natural gas settled sharply higher again giving me a huge buy signal as shown below.

Heating Oil Chart

Natural Gas Chart

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.

See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.

Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.