After Gains, Futures content to stay range bound

Posted by Mark Pszeniczny on Aug 30, 2010 9:48:00 PM

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 stories playing in the minds of traders.  On Friday the FED chairman announced that they would take swift and immediate action to ward off any possible threat of a double dip recession which caused prices to continue to rise on Sunday night.  Additionally, Hurricane Earl, currently east of Cuba, is expected to move of the eastern seaboard and possibly give the Northeast a bath on Friday evening.  This event appears to be having a somewhat bearish reaction on the market as any storm away from the Gulf is a good thing.  Finally, Consumer spending for July came in slightly higher than expected and as a result a good sell off was seen in the pits.  What was lining up for another higher closed swiftly turned negative.  Again the range from 1.95 to 2.25 is intact and we are dead set in the middle of it as we were for most of July.  At the close Crude fell .47 to $74.70, RBOB lost .0138 to $1.9341 and HEAT led the way falling .0191 to $2.0252.  This week is typically a high vacation week with volumes thin, expect changes to be muted in either direction.

Topics: HEAT, CRUDE, The Market, Hurricane Earl

Recent Posts

Posts by Topic

see all