NYMEX continues to slip on Jobless Report Numbers

Posted by Mark Pszeniczny on May 20, 2010 8:34:00 PM

The last three days has left me feeling the same way I do after watching an episode of “LOST”…. What the hell just happened??? Values have plummeted on European financial fears, Greenback gains and as Hedge funds dumped length at every turn. Todays fall was accelerated as a Jobless report showed an unexpected climb in claims, but a glimmer of hope for Bulls appeared as the market put their rally hats on and fought off an 8 cent decline in the HEAT pit and closed down only .0433 to $1.9019. RBOB lost .0507 to $1.9645 and Crude dropped $1.86 to $68.01. As we mentioned a while back, we saw a major resistance level at the $2.05 level, as that was broke earlier in the week, the technical selling pushed values all the way down to the 100% retracement level of $1.85, to which we touched today. That level held and the bounce off looks to define the pre season low. But we said that about $2.05. Long and short of it the near 50 cent drop in values has given many a second bite of the apple. As shown below, the play in early FEB was a home run for 3 months, we could be in that cycle.

Topics: Jobless claims rise, The Market

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