Monday, September 14, 2009

Risk aversion is back for the day

The futures were down 90 and around two am oil made its second trip to the 68 level
gas has bounce between 292-3.01 currently 3 on the globex

The bullish channel in Oil has been very reliable abd as we know it is ascending bring todays 
channel base up to 67.5 
which is where we will cover our short and reassess
the futures are still down 60 they were down 95 or so this appears to be a slow start to the sell off but we tay bearish today

oil buy 67.5

SEll 69.5  
Dollar up as risk is out and safety is in 
The sell off is based mostly on statements from the venerated economist Stiglitz
he does not hold a very rosy view I do not share his bleakness.