Energies - Nov 02,2009
Sunday, November 01, 2009
by PitGuru.com Authors of PitGuru.com
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The Energies Pit Review For the week of November 2nd, 2009 By PitGuru Daniel Cronin The energy markets had a bit of a down week as they closed at their lowest point in two weeks. There was some profit taking in the short USD and the equity markets were unstable at the 10,000 level in the Dow. Futures lost 4.4 percent last week, the first pullback in a month, after U.S. crude oil and gasoline stockpiles rose, equities declined, and the dollar’s rebound reduced the investment appeal of commodities. Prices were down 3.6 percent Oct. 30 after a report showed U.S. consumer spending in September6 fell for the first time in five months. Crude oil closed below $77 that Friday even after GDP surprisingly rose last week7; traders also took profit on the spike to $82 that they saw. Right now the market seems to be uneasy up at these levels as the DOW lost, gained, then lost more than 100 points in three consecutive days as the VIX index spiked to just under 30. To me this does not bode well for prices above $85 anytime soon. Although I do believe in Crude's up trend it doesn't look like it will happen anytime soon. I still believe that a test of the $75 level is in order before $82. 6 http://online.wsj.com/article/SB125690429096718435.html
7 http://dayton.bizjournals.com/dayton/stories/2009/10/26/daily105.html
Recent articles from this author
- Metals - Nov 16,2009 - Sunday, November 15, 2009
- Energies - Nov 16,2009 - Sunday, November 15, 2009
- Grains - Nov 16,2009 - Sunday, November 15, 2009
- Softs - Nov 16,2009 - Sunday, November 15, 2009
- Financials - Nov 16,2009 - Sunday, November 15, 2009
About the author
Daniel Cronin - PitGuru.com's Energies & Metals Guru Daniel Cronin has spent years on the floor of the Nymex as part of one of the largest energy floor brokerages in the business. His extensive experience stems from not only his Pit background but also through intense studying and implementation of complex technical analysis and market trading techniques via the mentorship of the now retired Ralph Acampora. Mr. Cronin brings subscribers a rare combination of book smarts and real world trading experience in one of the most volatile market sectors in the futures industry. Matthew Pierce - PitGuru.com's Grains Guru Mr. Pierce is a unique acquisition for Futures Press Inc. in that he has an unmatched level of real hands-on experience within the industry in addition to his floor trading expertise and top notch education at the University of Illinois College of Agriculture. Matthew has literally cultivated the perfect professional career as a grain expert by working with the industry's most recognizable companies such as Cargill, LaSalle Group, Conagra, Walsh Trading Inc. and many more. In addition to trading on the floor of the Chicago Board of Trade, Mr. Pierce writes what many in the business believe to be the best kept secret amongst trading reports available in the industry. Jurgens H. Bauer - PitGuru.com's Softs Guru Jurgens owns and operates his own order execution firm on the ICE trading floor. He has been a member since 1987. His firm, Jurgens Bauer and Associates, specializes in executing option orders for a wide array of customers and a variety of industry participants, including individual speculators, funds and members of the trade. While Jurgens has been an active member of the trading community he has also spent time since 2000 working at raising awareness of environmental commodities, educating industry professionals on emissions trading, brokering transactions between private counter parties and developing SO2 and NOx contracts for the NYMEX. Frank LaMantia - PitGuru.com's Financial Guru Soon to be Dr. LaMantia, Frank is not only one of the most educated traders on Wall Street, but also maintains an industry resume of substance and depth. Frank has worked extensively on an Institutional preferred stock syndicate desk, as a government bond specialist, and as a financial advisor all the while achieving multiple licenses in the finance field. With an extensive and impressive client list (including Citibank, Bear Stearns, Lehman Brothers, AG Edwards, Mesirow, UBS, and numerous Hedge Funds), Mr. LaMantia brings his one-of-a-kind background to his current occupation of full time trader.
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