Joined: Sep 2010
Posts: 5
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 Jan 19, 2011, 05:24:13 AM | #2 |
Crude Oil down about 25 cents this morning to $91.25 even as the Euro gains more than a penny against the USD. One reason why the Oil market is down is that equities are taking a bit of a hit as Citigroup came out with earnings that missed estimates this morning. Citigroup Inc posted a $1.3 billion quarterly profit today, as losses on bad loans fell, but the bank missed estimates on its earnings as it struggled with a slump in investment banking revenue. (1) Another reason the Oil market is down today is that Apple CEO Steve Jobs is once again taking a leave of absence over health reasons sending AAPL stock down $16 premarket. Crude oil bounced off the $90 support Friday and was below $91 today and I believe this is an opportunity to value buy on the dip here as I feel prices will likely be higher to end the week.
Natural Gas still doing its thing above $4.50 as the market is once again consolidating to make another run at $5. This market has been really steady above the $4.00 mark and the Golden Cross is now coming into effect. I suggest getting long some Natural Gas as this market has the support it needs to climb higher.
Pitguru |
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