Comments for Friday, December 4, 2009

Looking Ahead to Today by Reflecting Back at Thursday's Price Action

ENERGIES:

Higher closes yesterday for heating oil but lower for crude, the rbob and natural gas. The crude, heat and rbob have been unable to penetrate crucial areas to turn these markets higher. Gas closed lower again making another new CONTRACT LOW AND CLOSE.

FINANCIALS:

Lower closes Thursday for Eurodollars, notes and bonds. All of the indices are still in up-trends long term but the bonds were hurt by today's action and did go several basis points lower with a similar formation in October. Also the bonds are now in a support area awaiting the unemployment report. The notes look better technically however while the Eurodollars have been flattening out.

METALS:

Higher for gold but lower for silver, gold and platinum. All of the metals continue to look strong overall with gold leading the way making another new CONTRACT HIGH AND CLOSE along with platinum while silver made a new recent high before settling lower in minor reversal type action.

See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.

Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.