Very suitable fireworks in the markets as we celebrate our Independence. Be safe we will be back Tuesday…enjoy your long weekend. We feel oil could have another 3-4% downside at the most before we get a bounce higher. As we voiced in recent posts we expect the $70 level to act as solid support...
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What excuse will be given for a disappointing number tomorrow? Heading into a long weekend tomorrow’s jobs number will likely have a greater impact than normal.  Crude oil has fulfilled our short term targets having dropped 8% in the last four sessions. We are not advocating longs yet but would suggest those short to trail stops...
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I am torn on oil therefore have no positions on for clients. In the August contract we violated the trend line that has held since mid-May but quickly rallied back to close slightly lower in today’s session. We’ve seen a 50% Fibonacci retracement at today’s lows but have a sneaking suspicion we could see...
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If investors are not interested/confident I am a seller. When August Crude took out $77.70; the 9 day MA mentioned yesterday buyers disappeared and as of this post prices are below the 20 day MA down 3.40% on the day. The path of least resistance is down and this leg could drag prices back to...
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Though Crude held the 9 day MA we did not like the price action. Those long could stay long but we suggest trailing stops as a settlement below $77.70 on the August contract signals a break lower. We advised our clients who were long to exit at a small profit and move to the...
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Sometimes it is better to be lucky than good. Whether it is a technical bounce or on the weather energies were well bid today. As of this post Crude is up 2.50% and has broken out of the descending triangle that has existed since the beginning of May. As long as August remains above...
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A new sheriff in town 6/24/10 Australia elected its first female prime minister. Let’s see if a woman can get things back in order. Perhaps other global leaders could learn a thing or two. Looking at the daily chart in August Crude we may get a bounce from here as the trend line that has been in...
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Third consecutive down day in Crude as the August contract today traded below the 9 day MA for the first time in two weeks; that level is $75.80.  There should be some more work on the downside but we would expect buyers to emerge between $73-74. August natural gas is finding support at the...
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Though we expect no change in rates tomorrow volumes have dried up in recent sessions; perhaps after 2:15 tomorrow investors/traders will be back at work. Crude oil should settle lower again today; on a breach of the 9 day MA at $77.50 expect a challenge of the 20 day MA at $75.50. If our...
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Matthew Bradbard's Daily Futures Recap....
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