What’s Up, What’s Down: Currencies and Engeries in Focus

Comments for Monday, November 8, 2010

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

Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors.


Higher closes for crude and heating oil along with the rbob and natural gas again. All three had their best highs and closes since early May again while Gas in had its best in five trading sessions but continues to look sluggish.  A close over 450 could change gas technically even though there are huge inventories showing little signs of being cleaned up due to better procedures for taking the gas out of the ground. Now, farmers in some states are renting out their property for gas storage! Crude is now also in a strong resistance area. BUY SIGNALS FOR CRUDE AND HEATING OIL ALONG WITH THE RBOB. SELL SIGNAL FOR NATURAL GAS. CALL FOR DETAILS!

Crude Oil Chart

Heating Oil Chart

RBOB Chart


Higher closes Friday for the Canadian Dollar and dollar index while lower for the Aussie Dollar, Euro Fx, British Pound, Japanese Yen and Swiss Franc. All of the currencies continue to be in long-term uptrends overall while I’m weakly holding on to my sell signal for the franc after making a new recent high but closing lower in reversal type action. Also, the franc is in a resistance area although not a strong one. The euro needs to close over 14000 basis the December contract relatively soon or else it could begin retracing lower from its present level while the yen remains in a BULL PENNANT after settling slightly lower. The Canadian Dollar made a new CONTACT HIGH CLOSE continuing to move higher overall. The pound closed lower along with the Aussie Dollar but the latter made NEW CONTRACT HIGH first. The dollar settled higher but has good resistance nearby and really needing to close over 7800 basis the December contract. BUY SIGNALS OR EURO FX, AUSSIE DOLLAR, BRITISH POUND, CANADIAN DOLLAR AND JAPANESE YEN. SELL SIGNALS FOR THE SWISS FRANC AND DOLLAR INDEX. CALL FOR DETAILS!

Euro Dollar Chart

Japanese Yen Chart

US Dollar Chart

Special Note for Cotton Traders: The daily price limit for Monday, November 8, reverts back to 4 cents.

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. Email Rick at ralexander@zaner.com.

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.

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