Commodities Today: WhoDat Nation
February 8, 2010 by Seeking Alpha
Filed under Tips
Original Article from Seeking Alpha Dollar Currencies
Matthew Bradbard submits:
Crude oil was higher for the first time in 4 sessions but we only gained 70 cents after the $7 rout; that is not much. It appears that buyers are emerging but we would suggest waiting for the inventory number this week before establishing fresh positions. For now, $70 should support and $73 should act as resistance in the March contract. Natural gas reversed to close down almost 2% on the day. Clients are flat; though we think lower pricing is likely, we wish to have no exposure. Clients are starting to buy June RBOB call spreads anticipating prices to get back above $2.20 in the coming months; we like this trade and clients currently own $2.16/2.28 spreads.
We will be looking to sell rallies in the ES and SP for clients; we see resistance at 1069, 1084, 1100. Continue to scale into short exposure in the Euro-dollar! Clients were advised to go long the Aussie today via June 90 cent calls; today at just under $1400/per. Additionally currency traders are still long the Euro and short the Yen. This trade got a little better today but clients are still under water.
Read more articles from Seeking Alpha Dollar Currencies