Category Archives: Commodities

Next Mover: Inventory Report

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It’s been another everything-is-grinding-higher (except gold, of course) night session, although crude has lost some of its earlier verve after yesterday evening’s API report. The next “event” is the weekly inventory report from U.S. Energy as we approach the $50 mark. The outcome of this report will help determine whether or not I decide to pursue one of the exciting work-at-home opportunities on the Internet we see in comments from time to time.

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Night Moves

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I always grumble at how early my biggest dog wakes me up, but it always is the right amount of time to get ready for the day. Thus, here are three quick charts to share………

First up is the USD/JPY; my Slope Plus readers know I went bullish on the dollar last week (by way of short FXY and FXE positions), and the Yen is being particularly cooperative. So far, so good.

0509-usd

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Yen Retracing

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Since Monday, hmmm were there any secret meetings that day…. The Yen has been falling.  I laid out a fib retrace and am expecting the Yen to hold support at the 50% line.  This is the new fuel for the rocket ship we call our stock market.  This is also causing the precious metals some grief (why I bought DUST), and oil to some extent, as well.  My belief is the Yen will renew its climb when our Fed does nothing in April, and no way in June with Brexit vote, on tap.  In the meantime keep your NUGT’s warm.

2016-04-14_1722

Oil Traverses to Channel Bottom

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Crude Oil is down another 2% today, after spiraling down nearly 4% yesterday in reaction to a much greater than expected build in Weekly Inventories.

Let’s notice that the weakness off of Tuesday’s recovery-rally high at $41.90– against the upper-channel boundary line– has traversed the entire width of the channel, as the price structure probes the lower-channel boundary in the vicinity of $38.50, where the weakness should be contained, ahead of renewed buying interest.

That said, my intermediate-term work also has rolled over, and suggests strongly that any bounce off of the lower-channel boundary line will be short lived ahead of downside continuation towards $36-$34.

full-dkdI2MEwwgAYWtWxfmv5GOriginally published on MPTrader.com