Comments for November 30, 2010
Looking ahead to Tuesday by reflecting on Monday’s trading 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
Crude oil falls while the products rally; and 4 consecutive days of lower Euro(FX) prices
ENERGIES: 11/30/10Higher to sharply higher closes Monday for heating oil and the rbob while lower to sharply lower for natural gas and crude oil The crude settled slightly lower but still looks higher while the heat and rbob have very good closes with the latter making its best close since May 3rd.However, all three chart formations at this time give me no signals to take.Gas, on the other hand, settled sharply lower getting set to test my buy signal while in a support area. BUY SIGNAL FOR NATURAL GAS. CALL FOR DETAILS!
CURRENCIES: 11/30/10Higher for the dollar index while conversely lower for the Japanese Yen, Euro Fx, Swiss Franc, Canadian Dollar, British Pound and Aussie Dollar again.The euro settled lower for the 4th consecutive trading session making its lowest low and close since September 21st again along with the franc. The yen, still in a support area, made its worst low and close since September 24th while the Canadian Dollar settled one tick higher but should work lower off of its outside day last Friday. The pound made their worst low and close since September 21st again and the Aussie Dollar since October 2nd again.The dollar, on the other hand, had its best high and close since September 23rd continuing to move higher with my objective at the 8300-8400 area basis the December contract. BUY SIGNALS CANADIAN DOLLAR AND DOLLAR INDEX. SELL SIGNALS FOR THE EURO FX, BRITISH POUND, SWISS FRANC AND JAPANESE YEN. CALL FOR DETAILS!
Special Note for Cotton Traders: The daily price limit for Tuesday, November 30, will increase to 5 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 or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.