Futures Tumble as length is shed with Jobs Data
As the saying goes " we buy in fear and sell in greed", today appears to be the perfect example of that old one. Coming off the first three day sell off in over six months, the NYMEX was poised for a correction. A new term put to the days action in the pits, a "flash crash" . With all three major pits teetering on key support levels at the open, the technical sell off ensued as new unemployment figures were released that showed claims up by roughly 43k more than most estimates. That, coupled with yesterdays slightly bearish inventory numbers, many sought to exit positions put on several weeks ago. Again, it appears that we did find the event that would cause a correction, the key now is how much length is left and where will Bulls find a buying opportunity. The last point to be made for a continued sell off will be to determine how demand will stand up with retail gasoline breaking $4.00 a gallon across most of the country. From all indications, or today at least, demand destruction is weighing heavily on the minds of investors. At the Close, Crude tumbled $9.40 to settle below $100 for the first time in weeks at $99.80. RBOB lost a staggering .2271 to close at $3.0954 and HEAT led the charge with a whopping loss of .2561 to $2.8869.