What’s Up, What’s Down: Focus on Currencies and Engeries
Comments for Thursday, July 15, 2010
Looking Ahead to Today by Reflecting Back at Wednesday’s Price Action
CURRENCIES:
Higher closes for the Euro Fx, Swiss Franc, Aussie Dollar, Japanese Yen and British Pound while lower for the Canadian Dollar and dollar index. The euro had its best high and close since May 10th continuing its uptrend along with the franc which is now in a BULL PENNANT. The yen also settled higher, still in an uptrend but starting to look a little toppy at this time. The Canadian Dollar closed down and is still is in a critical resistance area while also forming a potential large bottom. The pound settled higher with its best high and close since the beginning of May just barely breaking out of a small resistance area. The Aussie Dollar also closed higher making its best high and close since May 14th still not quite giving me a buy signal. The dollar made its worst low and close since May 4th continuing to act like it’s topped out.
ENERGIES:
EIA GAS STORAGE. Lower closes Wednesday for crude and heating oil along with the RBOB and natural gas. The crude, heat and RBOB all had their best highs in two weeks before settling lower in reversal type action but my technical indicators are still telling me to stand aside for now. Their present formations don’t give me a good indication at this time which way the energies are going to move overall which is being shown by their choppy action lately while really going nowhere. Gas continues to test its support from 420 to 460 basis the August contract making it difficult to take a short position at this time but is a sell nevertheless after making its lowest close since the beginning of June once again. SELL SIGNAL FOR NATURAL GAS. CALL FOR DETAILS!
There has been a lot of talk and advertising for Gold exchange traded funds (ETFs). Do you understand the difference, from a trader’s point of view, between gold futures and gold ETFs? Download my comparative evaluation report at https://www.zaner.com/3.0/ralexGold.asp.
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.