Saxofutures trading strategies,,,,fwiw
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Published: Feb. 13 2006, 10:05 GMT
Heavy sell-off on commodities.
US Treasuries more vulnerable to rates hikes, again.
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Energies
Lack of news sent Energy products lower. Current cold wave in the US is too little too late compare to ample inventories levels. Any political tension could start some speculative buy again. Natural Gas is the more fragile of all with ample inventories. March Brent Crude support at $59.10 and resistance at $60.40/70.
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Metals
On Friday precious metals were caught in a general commodity sell-off. Pressure came overnight from Asia after a set of good economic data from Japan had raised concerns of higher interest rates. Also a higher dollar and weakness in Oil helped this heavy sell off, several TOMCOM contracts went limit down. April Gold felt $17 from Friday afternoon high ,the rest of precious metals tracking Gold. Price movements on Gold are still linked from Crude Oil and Iran. Support for April Gold at $545, resistance at $555 short term.
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Treasuries
Friday´s weak close on 10 year TNote (ZNZ5) add some fuel that the market feeling is shifting away from the idea of no more hikes from the Fed. Bernanke´s first semi-annual address to congress on Tuesday and Wednesday could give some insights on the new chairman view. Today’s market news is too thin to push Treasuries down and will wait for tomorrow´s retail sales to see any price move. Market is definitely more vulnerable to rate hikes from the Fed. Intraday we suggest to trade March Bund (FGBLH6) between 120.15 and 120.50.
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