email:  
 
 
  
 

Friday, August 18, 2006

Crude Continues To Tumble:

Crude continues to tumble: Oil futures continue to show signs of a near-term top, with the lead month September contract falling all the way to $70.00 this morning. Traders continue to cut the "risk premium" out of Oil prices, now that the truce in Lebanon is holding and Iran is ready to discuss the possibility of halting its uranium enrichment program. Previous support levels on the daily chart have given way, leading to further selling due to speculative sell-stops being triggered along the way. Today's option expiration for the September contract also added to today's weakness, with traders hedging short positions in 7200 and 7100 puts by selling futures. Read More....