Comments for February 22, 2010
Looking Ahead to Monday by reflecting back on Friday's trading action
Bullish on Crude, Gasoline and Heating Oil
ENERGIES: 02/22/10 Higher closes Friday for crude and heating oil along with the rbob but lower for natural gas. The heating oil has now joined the crude and rbob with a BUY SIGNAL as these three energies made their highest highs and close in over a month. Gas settled lower again making its lowest low and close in over a month.
CURRENCIES: 02/22/10 Higher for the Swiss Franc and dollar index while lower for the the Aussie and Canadian Dollar along with the Euro Fx, British Pound and Japanese Yen. The euro and franc continue to be in downtrends overall with the former making a new recent low and the latter a new recent low and close.The yen closed lower again making its lowest close since January 13th. On the other hand, the Canadian Dollar made its highest close in a month for the third trading session in row breaking out of its sidways pattern but now in more resistance. After making its highest high in seven trading sessions on Wednesday the pound made its lowest low in since May '09. This currency remains weak overall. The Aussie Dollar made its highest close since January 25th while at the beginning of a resistance area. The dollar rallied sharply early on making its highest high since July '09 before selling off to settle slightly lower in reversal type action.