Comments for Monday, October 12, 2009
Looking Ahead to Today by Reflecting Back at Friday's Price Action
ENERGIES:
Higher closes for crude and heating oil along with the rbob while lower for natural gas. The crude, heat and natural gas continue to look higher over with the rbob still close to a buy signal. Natural gas, however, was not able to hold its BULL PENNANT breaking out to the downside, meaning it should continue lower early next week.
METALS:
Lower closes for copper, gold, silver and platinum. All of the metals are still in up-trends and also in small bull pennants which means they should start out higher on Monday. Copper, however, is still in a strong resistance area and can be sold up here if you are bearish.
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.
