This week’s financial spread betting update is now available and can be read by clicking here.
In last week’s update I wrote “The energy sector is strong this morning with advances seen across the board, with Crude currently higher by around one dollar per barrel. We may yet see $100 Crude again later in the year.” Well, by later in the year I did not mean within the next couple of days, but that’s what happened. Few could have expected such a large move in such a short period of time. From our perspective, since the energy sector was already in an uptrend we were already long No leaded gas and Heating oil and have since gone long Crude. In early trading this morning, May Crude is back above the $100 level. A close above $100 may lead to a continuation higher.
This week could also be an interesting one for the dollar. The 7700 support area on the dollar index that we wrote about in this week’s update has already been tested this morning and may give way. The dollar is weaker against nearly all of the majors so far today.
Stock indexes will also be interesting to watch as the lows last week were rejected, providing support. It will be interesting to see whether support holds this week and leads to a resumption of the long term rally.
This week’s financial spread betting update begins with:
The US markets were closed on Monday for Presidents’ Day, making the past week a shortened trading week. It was not however a week that was short on incident! We saw a steep sell off for the grains and several other commodities and Crude rise over $100 for the first time in over 2 years. The trends remain as before, up for stocks and commodities and down for the dollar.…continue reading by clicking here