Comments for November 3, 2009

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LOOKING AHEAD TO TUESDAY BY REFLECTING BACK ON MONDAY'S ACTION

Focus on Financials and Energy Sectors: I hold technical Sell Signals on Bonds & Notes; Buy Signals on Crude and the Products.

FINANCIALS: 11/03/09 FOMC MEETING (2 DAYS) BEGINS TODAY: Unchanged for the eurodollar while lower for the notes and bonds with no changes technically. The eurodollar amazingly settled unchanged equaling its CONTRACT HIGH CLOSE four consecutive trading sessions in a row. The bonds and notes are a little difficult to call, however. I have sell signals for both but they're also close to buy signals. Also, both could be forming another sell signal on a larger scale. The eurodollar is just in a long term up-trend that is moving at a snails pace higher in the December contract.

ENERGIES: 11/02/09 Sharply lower closes Monday for crude and heating oil along with the rbob this time while natural gas made a new recent low close again. All of the energies were hurt by Wednesday's and Thursday's action with the crude, heat and rbob having their lowest lows and closes in 2 weeks again. Next week could be very critical as to what direction the crude, heat and rbob will take for a while with their choppy action one of the good indicators for a topping(or bottoming) market.. Natural gas made a new recent low close looking very weak overall.