11/10/2005

Markets: OK front month crude is below $58 which was my target. Will it go lower? I don't know. Technically there is no support anywhere til it gets to the mid to low 50s. If I was trading this, and I'm not, I'd put in tight stops and stay put. The "cause" of all this? Change in long term weather forecast from a teeny tiny bit warmer to warmer. Heating Oil and Natural Gas are still ruinously high for home owners. And of course our fearless leader sits. The gap opening down this morning doesn't mean that much, other than it had to be new shorts. If you check the chart you will see no support anywhere. Let's hope.

No comments: