Crude Oil May Find Support At 9666, 9523, 9478

We’re staying weak based on RSI, but despite the volatile moves, we’re still direc-tionless. That leaves today with another chance at direction. To be fair though, we went through this seasonal move last year at this time and have until Nov before we return to a rally. We’re going back to find support here with 9666, 9523 and 9478 the best we can expect. Finding a way back to the upside, we’ll look for resistance at 9852, 9959 and 10030. The front spread dumped as well as it should have without much effort to test higher lately. We can expect some correction here to –19. Flat price is going to start higher early and hold to the close.

Gasoline
We’ve moving on to RBZ3. RB is trying to fight the good fight. We’re looking at sup-port to come in and hold 26100, 25936, 25735. The upside will have resistance up to 26300, 26424 and 26618. The front spread looking slightly stronger here. We’re look-ing at support to hold -42, -57. Resistance –26, –10, +05. RBCL only knows higher with resistance at 1366, 1425. Support back down to 1278, 1237.

Trends are only for the affected
We broke that sideways move yesterday morning on the 10min chart and made a nice trend lower. Over-night we’re settling in and could be ready for a reversal. We need to break above 9700 and then 9780 to be convincing. Obviously holding support to 9535 is necessary. To the 60min chart we’re going to be looking at a similar play with the key again in the 9780 area. We’re sorry we missed that move lower yes-terday while we were out, but the downtrend played well on both time frames.

Fundy you should mention
Bravo Big Ben, bravo. I know Fed President Fisher was probably screaming like Ric Flair too. Dropping some of those cautionary words and statements from the statement is a game changer. Maybe I didn’t give enough creative freedom to Bernanke, but he may be looking to end this mess before he leaves and can go home knowing he took it full circle. Who likes going quietly into the night anyway? He’ll have a challenge today with Jobless Claims (335K) at 8:30am EST. It’s been a tumultuous path and coming back from the jump back to 373K is nothing short of a miracle. Chicago PMI (55.0) at 9:45am.

Sorry, I am just physically attracted
Good golly Miss Molly, we sure licked the bone. Note that the exports also fell off and our demand in-creased. The products fell across our export numbers by 49K b/d. That was challenged with an increase in demand by 1.9M b/d. Nobody wants to hear about the stats still being adjusted post Big Guv shut-down, but these are insane. We’re talking about the third week of October, not the first week of July. It’s hard to believe that we’re also seeing all of these refineries in the USG holding back on production as they wallow with an 86% utilization rate. I’m going to ruffle some feathers here and touch on the idea that they are starting to tinker with their ability to handle more light sweet. Arguments begin.

Techies, some Trekkies

200 Day MA 9872

100 Day MA 10338

13 Day MA 9929

8 Day MA 9792

14 Day RSI 36.11

Spread now; Roll later

Everything is expensive

Key support: -19, -26, -32

Key Rests: +06, +11, +18