Read Larry Connors' blog – Short Term Trading Strategies
In a broadening of the war on terrorism, President Bush encouraged Iraq to allow inspectors access to domestic facilities to verify the country is not making weapons of mass destruction. While no direct ultimatum was leveled at Sadam Hussein, Bush commented that his father's adversary in the 1991 Gulf War would "find out" if the dictator's regime failed to comply.
Although its oil output has been hampered by sanctions, Iraq is one of the world's major suppliers, producing nearly 4% of global needs. Military conflict in Iraq could spur a price escalation similar to that seen in the conflict 10 years ago. Oil reached $40 a barrel during the conflict that ousted Iraq from Kuwait.
January crude oil (CLF2 | Quote | Chart | News | PowerRating) is up .66 at 19.35, and products are also up more than 3%.
In a topsy-turvy morning that has sent T-bonds (USZ1 | Quote | Chart | News | PowerRating) on a price-finding mission between Monday's last-hour high and a test of the Nov. 20 low, the 30-year future has gyrated after an unexpectedly strong consumer confidence number. Still, the contract has not been able to climb above the 50% retracement of yesterday's high, as it traces lower highs in a Descending Triangle on the hourly charts.
Natural gas (NGZ1 | Quote | Chart | News | PowerRating) has triggered for a second consecutive day out of its Pullback From Lows setup and is down 4%, or .126 at 2.570.
December copper (HGZ1 | Quote | Chart | News | PowerRating) held at yesterday's "low/close at 68.25" as suggested in last night's Futures Trader's Report but entry has been difficult in this Momentum-5 List market because of the gap openings today and in recent past sessions. The market has held at the 38.2% or 50% retracement of the prior day's low to the following day's high, so the observation looking ahead on the gaps is to consider getting into gapping or lapping openings on a pullback to those ratios.
December gold (GCZ1 | Quote | Chart | News | PowerRating) and silver (SIZ1 | Quote | Chart | News | PowerRating) are both Multiple Days Low Volatility plays and are both indicating direction by their Implosion-5 List readings.
Finally, S&P futures (SPZ1 | Quote | Chart | News | PowerRating) are making good on conflicting signals this morning. The spooz initially triggered and made on their Turtle Soup Plus One Sell signal this morning -- declining 10 handles from the opening print. The contract has rallied back as many points after finding support at 1152, displaying the upside inertia from its Momentum-5 List reading.
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