After Gains, Futures content to stay range bound
After three days of solid gains that saw the HEAT chart move from testing support levels to meandering around mid range. Today was somewhat uneventful even with 3 major...
After three days of solid gains that saw the HEAT chart move from testing support levels to meandering around mid range. Today was somewhat uneventful even with 3 major...
With only 3 up days to speak of in the last two weeks, the early morning gains have become increasingly more difficult to give any credence to. The day saw pits start off up over a penny a piece but as the opening bell range, price fell off the shelf. Front month RBOB, under pressure as a lame duck product, fell .04 cents in a matter of minutes. As investors continue to point towards struggling economic picture as reasons for the retreats, the failure for HEAT to break the $1.95 support level tells another story. For the third time since Mid May, HEAT has touched the $1.95 area only to shoot to the $2.20 level in the following 30 day stretch. Not that past performance is any indication of future potential, but it sure does look convincing. (see chart below) As the day wore and the Dollar got stronger, it appeared that funds were content in some profit taking. At the Close, Crude fell .72 to $73.10, HEAT dropped .0156 to $1.9554 and front month RBOB lost .0441 to $1.8810 while OCT RBOB lost only .0285 to $1.8390.
DAILY HEAT CHART
Telvent 2010 will be held in Omaha, Nebraska. Dennis K Burke will have several team members in attendance, be sure to say hello if you will be in Omaha as well.
Start: August 9, 2010
End: August 10, 2010
Venue: Old Market District
Address: 1001 Cass Street., Omaha, NE, United States, 68102