Crude Oil Flat Price To Bounce Back; Take Back The Bulls Ahead Of Weeken

Bless those trading volumes and volatility. All I‟m doing is changing the rhetoric and keeping the numbers the same, like the Government. We‟re seeing a renaissance for the Bulls on the chart and it‟s heading back to the resistance at 10262, 10375 and 10420. If we turn back to support levels at 10147,10078 and 9986. The front spread slipped to find support to 07, but might be getting a little overdone here. We‟re going to keep an eye on resistance at 13 and 21. If flat price slips, look for the spread to take a hit to the –04 area. Today we‟re looking for flat price to bounce back and take back the Bulls ahead of the weekend.

Gasoline:
We‟ve moved on to RBX3. That‟s a difference a day makes in RB. We are now reset-ting resistance to 26867, 27035 and 27218. The support numbers fall back 26713, 26550 and 26330. The front spread found new life and is testing resistance at 187, 212 and 240. The support looks to hold 129, 100 and 75. The RBCL is taking off with resistance to 1113, 1188. Support back to 1000, 918.

Trends are only for the affected:
We try to go up, we come right back down. Hey, what‟s one more day to the 10min chart and a big pic-ture of sideways action. We‟re going to be looking to the support area around the 10120 level. If we turn back up on a rally, we‟re looking to hit a ceiling at the 10300 resistance. Now as we move out to the 60min chart, we see a lot of the same. The support area sticks to the 10120 level and the resistance is only slightly pushed out to the 10350 area.

Fundy you should mention:
HA! A lot (a lot) of money is dying to get back on track and into the markets, so when a little thing like a temporary extension to the debt ceiling comes on board, there‟s no stopping the flow. In reality, these Econo-heads are starving for solid economic data as much as they are a budget deal. We‟re flying blind here and there‟s no guarantee we‟ll even get a shot at the Unemployment numbers from last week. PPI (0.2), Retail Sales (0.0) might be out at 8:30am EST. Consumer Sentiment (75.0) will be a solid non Gvt number and Business Inventories (0.2) at 10:00am. It‟s all about the talks though.

Sorry, I am just physically attracted:
Funny how that whole Nigerian pipeline thing was just glossed over yesterday. Shell‟s Trans-Niger pipe-line that moves about 150K b/d sprung some leaks and has halted. Of courses we‟re going to assume these leaks were intentional and not sheer coincidence. Of course there‟s been issues with a lot of WAF crude not being able to find a home. This has not been a problem of lack of demand, but we think an immediacy of demand. Unfortunately with the US out of the import picture, WAF barrels have the longest route for oil headed to Asia and that‟s right where most of the demand is coming from. Plus with OPEC buddies like Saudi Arabia, Kuwait and the UAE pumping record volumes, it‟s hard to get in the picture.

Techies, some Trekkies

200 Day MA 9830

100 Day MA 10271

13 Day MA 10285

8 Day MA 10302

14 Day RSI 41.06

Spread now; Roll later

Everything is expensive

Key support: 06, -02, -11

Key Rests: 26, 32, 44

By Carl Larry