This report was sent to subscribers on 1/6/10 6:00 p.m. Chicago time to be used for trading on 1/7/10. Everything is done by Howard Tyllas, no program or black box.
February Crude Oil
After the close on 1/6/10: My pivot acted as resistance was 83.52, just .16 from the actual high, and my support and was 82.21, .05 from the actual low.
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86.93 |
84.83 |
--------------83.52 Pivot |
82.21 |
80.85 |
|
Trend |
5 day chart ...... Up (from last week same day) |
Daily chart ......... Up |
Weekly chart ........ Up |
Monthly chart ...... Sideways 71.88 is the 200 MA |
ATR 1.91 Extremely Overbought 96% |

I continue to say "Bulls have the 2009 high for resistance in their way to higher levels. Support will be the gap left from year end at $79.36. I will be watching for a "double top" because of the extremely overbought condition".
February Crude Oil for 1/7/10
I have been saying for months "What the equities market & the $ does from here, will help or hurt crude oil".
In my daily numbers on Wednesday my resistance was $0.33 from the actual high; my support was $0.46 from the actual low.
Commentary for 1/7/10
Crude Oil: Accurate numbers. Record crude oil inventories in Cushing, NY, and Nat Gas usage down from last year's same 4 weeks period, is a revisit to 2008 when we got bearish reports and the market rallies in spite of them. Asset allocation and market sentiment overrules fundamentals. Technicals are the only way to trade this market for now. These are resistance levels on the charts and I want to sell at resistance and use buy stops to protect.
Commentary for 1/6/10
Crude Oil: Accurate resistance and helpful support numbers. Tuesday's pivot was a good selling point never taking any real heat, trade did not offer much looking back, but with a tight stop you could have taken 3 to 1 on the way to a low of $80.95. Bulls are in control but I want to sell against resistance and use a buy stop to protect. Same thoughts as yesterday.
Commentary for 1/5/10
Crude Oil: Resistance number was $.01 off the high and my support was $.01 off the low.
It does not matter if you are bullish or bearish, when you have numbers like we had on Monday, which is what I consider as my biggest advantage in trading. Extremely overbought after a huge rally makes me want to take profits if long, and a place to go short. I am not telling a bull to sell to go short, sell to take profit with the thought of buying again if the market corrects. I want to sell at resistance and use a buy stop to protect not risking more than $.40 or $.50 looking for $2 if right. day traders would look for the pivot to be retested to take profits.
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Howard Tyllas
Tel.1-312-573-2699, 1-312-961-4390
Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.









