Saturday, March 08, 2008

A Quick Look At Energy


$NATGAS, (Natural Gas) came tumbling down from it's spike high during and after Hurricane Katrina in AUG 05. Since then it had been building a base for about two (2) years and has just kissed overhead resistance at the DOUBLE DASHED MID-LINE. Although we could see a pull back in the intermediate term we would of cause be buyers on a break out above that resistance...


$WTIC, (West Texas intermediate Crude) finally broke above the $98 level after three attempts at doing so. At this juncture, that former resistance level must be eyed as firm NEAR-TERM SUPPORT with all of this Recession buzz, we still can't get this thing to move lower...


$GASO, (Gasoline) recently broke above its previous high although its consolidation pattern doesn't appear to be as tight as that of CRUDE. However, the previous resistance levels must now be respected as good NEAR TERM SUPPORT

Thursday, March 06, 2008

Metals Miscellany


$GOLD, (Spot Gold) broke out of a lengthy SYMMETRICAL TRIANGLE CONSOLIDATION, and has since moved up $250, touching the $1000 level but failing to eclipse that round number. It wouldn't surprise me to see an short-intermediate term pullback maybe even back to the breakout levels around $775. However, in a ripping uptrend on a long term basis.


$SILVER, (Spot Silver) made the massive move up from the $4 range until it finally broke out over the $15.20 level. After eclipsing that mark it has since moved up to a high of around $21. Similar scenario to $GOLD; I can see it really pulling back to shake out the "weak longs" only to move much higher in the Long Term.


$INDU:$PLAT, (Dow/ Spot Platinum Ratio) is probably the craziest chart ever. This ratio has dropped from the 30's all the way to 5 in the past decade. Recently, $PLAT (Platinum) has spiked and this ratio had literally plummeted as the major indices are pulling back as well. Finally we had a big pullback in Platinum on Friday.