Friday, January 9, 2009

Quick Update.

OK, so the jobs report was horrible, but not as bad as ADP made it to be. This morning we should expect a bounce around SPX 885, Nasdaq 1572.

USO/February Contract is on a bullish spring here. Although the volume is pretty high right now in USO and we could see a signal reversal.

Bottom line is Feb crude must climb and maintain 40.57 here to justify a bullish spring long play.

Three minute volume spike low on USO should be tested, we're looking for that to come in on lighter volume for a trigger...
Posted by at

4 comments:

  1. RichardJanuary 9, 2009 at 8:12 AM

    Could you please post at some time what the next support levels of Feb crude are, if it can't hold or maintain 40.57

    Thanking you, Richard

    ReplyDelete
  2. RichardJanuary 9, 2009 at 8:15 AM

    Could you please at some time post what the next support levels for Feb crude are if 40.57 will not hold or maintain?

    Thanking you, Richard

    ReplyDelete
  3. Rich OlneyJanuary 11, 2009 at 6:54 AM

    Semibiz nice to see that you have your own blog. Hedge

    ReplyDelete
  4. SemiBizzJanuary 13, 2009 at 2:31 PM

    Hi Richard and Rich, With regard to your question Rich, the current support on the contract 37.23 on the hourly. See my comments above on the volume thread, addressed oil there as well...

    ReplyDelete

Subscribe to: Post Comments (Atom)