Yeah, so much for all my talk about a bullish sentiment. What I think is happening here is a lack of interest into the commodity (fees?). We all like to trade volatility, but volume plays a pretty big part too. For now we’re going too hold this sideways range and try to keep it up. We’re going to look for resistance at 9490, 9535, 9660. The support numbers fall back on 9330, 9288 and 9175. The front spread collapsed on itself and we may be looking at end of year seasonality playing into the figures here. I know that seasonality is not technical, but if you can chart that I say it is. Flat price holds lower early, but today we have no doubt about the rally to the close.
Gasoline
We’ve moving on to RBZ3. RB is doing it’s best to keep the dream alive for the Bulls. We’re going to continue looking higher to resistance at 26192, 26273 and 26488. The support numbers can revert back to 25869, 25748, 25538. The front spread is holding steady here after a good push yesterday. Resistance at 150, 195. Support to 126, 99, 75. The RBCL tries resistance at 1650, 1705. Support to 1550, 1475.
Trends are only for the affected
Well the bottom fell out yesterday and we’re still devoid of a real trend on the 10min chart. We’re adjust-ing to the move and looking to hold the 9300 support level. From here we only need to pop above the 9350 resistance to start the climb back to correction. The 60min chart has similar support to the 9270 level, but resistance will all start in the 9350 area. Once we get past there we can build on the move to achieve higher.
Fundy you should mention
There’s nothing prolific on the Economic calendar today, but we will hear more Fed speak. From what we heard yesterday from Richmond Fed President Lacker was that GDP growth may not be as good as we once saw in the past. Taking that in context I think what is said is that the US better get ready for ta-pering despite what seems to be soft growth. Finally someone who realizes that growth every year is growth upon the growth of the last quarter. We don’t have a set number that we hold GDP against. It’s just do better. Ben Bernanke will keep you up late with a Town Hall meeting at 7:00pm EST.
Sorry, I am just physically attracted
Well those kooky Government workers are took a holiday on Monday so we’re going to have to wait until Thursday at 11:00am EST to see the EIA stats. I don’t particularly care which holiday it was, but for a country playing catch up, maybe a little OT wouldn’t hurt. For those in the oil industry, an interesting move from the folks over at Western Refining. They are buying the general partnership interest in North-ern Tier’s St. Paul (95K) refinery. They’re also buying a 450K b/d oil pipeline and other storage assets along the Mississippi River. This purchase news also comes with Aegean Marine buying the Hess bun-kering service on the East Coast. Companies changing and people moving.
Techies, some Trekkies
200 Day MA 9864
100 Day MA 10317
13 Day MA 9521
8 Day MA 9414
14 Day RSI 32.86
Spread now; Roll later
Everything is expensive
Key support: -55, -63, -74
Key Rests: -50, -37, -28
By Carl Larry