What’s Up, What’s Down: Higher T-Note Futures, Lower Energies
Comments for Thursday, November 13, 2008
Looking Ahead to Today By Reflecting back at Wednesday’s price action
Higher for the notes but lower for eurodollars and bonds. The euros made a new recent high before selling off to settle lower in reversal type action. This market has been in an uptrend but let’s see if there is a following through lower on Thursday. The bonds continue to look higher unaffected technically by today’s action. The notes continue to rally giving me another buy signal!
Sharply lower closes again for crude and heating oil along with the RBOB and natural gas. All of the energies continue to be in downtrends with the crude making a new recent low again while heating oil and the RBOB making new contract lows and closes also again. Natural gas also settled sharply lower just about but not quite ending its possible bottom formation.
The entire wheat complex continues to be in a downtrend but are attempting to form technical bottoms but have been getting dragged out to the point where wheat must turn around soon to have these formations be viable. Corn had its lowest close since 2006 as its downtrend continues.
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 firstname.lastname@example.org.