All the traders that sold in May?are they back already as buyers? Crude oil fell back today but did manage to remain above the 9 day MA; in July at $100.35. We remain mildly bullish but we are smack dab in the middle of the recent trading range so trading either direction is not risk-less at these levels. We would prefer buying a dip or adding to longs on a trade above $102 which would likely confirm more upside. Natural gas surged nearly 4% higher today on the AGA report lifting prices to five month highs. We?ve advised clients to fade this rally. Those in August bear put spreads could start buying their bottom legs back which we started to do today for some clients.
The 100 day MA held in the indices in early March, last week and again in the last two sessions. It will all be on
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