yes, good morning, that's the Million dollar question,
not much to go by here yet, the chart and a few news
releases, so I guess you draw from the ole sayings,
the market knows all and the trend is your friend.
thats the best I can do for now, otherwise, sit back
and enjoy the ride.
,,,,,$$$$$
from Saxobank futures trading strategies-fwiw
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Published: Feb. 10 2006, 09:32 GMT
Oil and US Treasuries consolidating
Waiting for today's US Trade Balance.
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Energies
March Brent Crude Oil has found a temporary bottom at $60.60. As long as we have no further developpements in Iran, price should ease towards the $59.50 level. The warmer weather predicted next week in the US is less supportive. March Heating oil is marginally up and technically we could have a temporary rally. March Natural Gas has to break the $7.73 level to see any short term improvement
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Metals
Nice rebound on Gold (GCJ6) yesterday to retest the $572 level but we had some heavy profit taking during the Asian session sending the metal back to the $560 level. Look for direction to come from crude Oil and Iran developments. We could see a usual short covering before the week end. Intraday: We suggest to Buy at $560.50; target $567 stop $559.30.
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Treasuries
Sideway trading continue in the US market after a well bided auction yesterday yielding at 4.53%, the lowest ever for a 30 year Auction. Market will wait for the December trade balance, -$65.0B expected, for any price move. Market Tnote close today in the US will be interesting to watch to have any clue on the TYH6 price move next week. Bunds had a nice reversal day yesterday in good volumes. This morning Bunds tested the 50/60 level where short could be implemented. On a break of 60/64 next resistance is 121.06/10. Some speculation on long term Sovereigns and Corporate issuances is weighting on the market, but we do think that the downtrend will resume shortly.
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