What’s Up, What’s Down: Sell Signals for Energies Still Intact
Comments for Thursday, February 4, 2010
Looking Ahead to Today by Reflecting Back at Wednesday’s Price Action
ENERGIES:
EIA Gas Storage report released today. Higher settlement Wednesday for the rbob while lower for crude and heating oil along with natural gas. The crude and heat made new recent highs before settling lower in reversal type action. The rbob, however, made a new recent high and close. All are at or near large resistance areas. My sell signals for all of the energies are still intact.
METALS:
Lower closes yesterday for copper, gold, silver and platinum. Copper had a huge range settling sharply lower(below 300 basis the March contract) confirming my sell signal with a vengeance! Gold and silver also settled lower both in downtrends at this time but only silver giving me a sell signal the way I trade. Platinum settled slightly lower still looking the strongest of all the metals with some resistance around the 160 area basis the April contract.
Need help in formulating a Plan? Download a free Trading Plan Template by clicking or copy/pasting to your browser: https://www.zaner.com/3.0/ljstradingplantemplate.asp.
Read 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.