Futures surge on proposed European debt plan

You know the Market is searching for direction when values and sentiment shift on an unofficial report of the European debt plan.  The plan is focused on three keys tenets.  First, Greece is going to be allowed to default on 50% of their debts (must be nice, I wish i could default on 50% of my mortgage.)  Second, the size of the European debt relief fund will expand dramatically and Third, the plan will re-capitalize the European Central bank.  Based on the jump in the Dow and in Commodities, the plan is being greeted with open arms.  Coupled with the forecast of draws in inventories again this week, values started up strong and did not look back all day. Technically speaking, we have commented frequently of the 2.80 support level of HEAT. For the fourth time in a year, we have hit the 2.80 level and yet again appear to be poised to bounce off it.  At the close, Crude added $4.21 to $84.45, RBOB screamed higher by .1261 to $2.6955 and HEAT jumped .0851 to $2.8766.  Assuming we ave confirmed another short term bottom, may not be a bad time to look at layering in some sort term fixed pricing.

RBOB CLOSE

CLOSE       CHANGE     OCT    26955       +.1261 NOV    26360      +.1076 DEC    26011      +.1003 JAN   25849        +.0936 FEB    25841        +.0888 MAR    25898      +.0860

HEAT CLOSE

CLOSE    CHANGE OCT    28766    +.0851 NOV   28857    +.0827 DEC   28898      +.0796 JAN   28936     +.0767 FEB   28838      +.0733 MAR   28662      +.0705