Grasping At Straws

On September 25, 2012 by TradingDesk

Manic market action continues to be the rule, as energy markets have already wiped out yesterday’s losses, after technical support held below the market yet again. The same headlines are being recycled depending on market direction, yesterday it was a weaker Euro and easing supply concerns that pushed prices lower. Today, it’s a stronger Euro and concerns that Iran will cause supply disruptions that is pointed to. The bottom line is traders, and reporters, seem to be grasping at straws.

Until energy futures break out of their ranges, $2.80-$3.00 for RBOB, $3.05-$3.20 for HO, and $92-$100 for WTI, expect the choppy action to continue.

CLICK HERE for a PDF of this morning’s charts

 

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