What’s Up, What’s Down: Energies and Metals Continue in Strong Uptrends
Comments for Friday, January 8, 2010
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
ENERGIES:
Lower closes yesterday for crude and heating oil along with the rbob and natural gas. All of the energies continue be in strong up-trends but gas made its highest high since last October and then sold off sharply closing lower in reversal type action which has been happening often lately. However, then the gas rallied each time making new recent highs. Let’s see what happens this time.!
METALS:
Higher for silver while lower for copper, gold and platinum. Copper continues to look higher with another new recent high since 2008 but sold off to settle lower in reversal type action. Gold and platinum closed slightly but no changes technically while silver made its highest and low since Dec. 12th. The bottom line is all of the metals continue to be in long-term up-trends overall.
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.
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.