Some extrinsic events have occurred in the news today, worth considering effective on $GASO today.
1 - Capture of Taliban #2 man, which in the mind of investors contributes to much of the world unrest and wild oil fluctuations. Although not the end of a history of the world saga, this international story is likely to warm up investors to the still far-fetch idea that South-East Asian and Middle Eastern countries may gain more political stability in their respective oil-dependent rich governments. (News Source: http://www.reuters.com/article/idUSTRE61F0FE20100216 )
2 - President Barack Obama is unveiling for the first time in a very very long time plans to develop nuclear energy in the US. While the plan is far from being materialized into an oversized cement-made shot glass in some suburban landscape, I can see how France or similar other European (which have numerous experience on construction and maintenance of alternative,nuclear energy dependence) could provide the know-how for acceleration of such plants and make the US a less oil dependent country. Before that, I expect some agonizing and lengthy debates on nuclear risks vs. oil dependence. (News Source: http://news.yahoo.com/s/ap/20100216/ap_on_bi_ge/us_obama_5 )
If oil rallied to higher levels, expect further public division and political rhetoric on nuclear development issues.
For now, $GASO continues to test its recent support line, lending yet more credence to a downside scenario (See first chart: "$GASO - 60-Mo., Weekly Chart" below), whereas $WTIC failed to break over the higher border of the bearish mid-line (drawn clear back in mid-July 2008 - Man, I was so young and innocent back then, LOL), and this after it failed to short-term channel midline support of its bullish channel (See second chart: "$WTIC - 36-Mo., Weekly Chart" below).
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