Thread: Wild Card Crude Oil 11 Sep 2009

Wild Card Crude Oil 11 Sep 2009

Friday, 11 Sep 2009

U.S. Prelim UoM Consumer Sentiment to Lead USD Trading Today

The publication of the U.S. Prelim UoM Consumer Sentiment report at 13:55 GMT is set to lead USD trading today. This release measures the level of a composite index based on surveyed consumers. The figure is expected to be 67.2, up from last month's 65.7. The other important events that are set to drive the forex market today are GBP PPI Input at 8:30 GMT, the U.S. Import Prices at 12:30 GMT and U.S. treasury Secretary Timothy Geithner's speech at 20:45 GMT. Therefore, if you traders want to make big money now, you should open big positions in the majors now.

The Wild Card

Crude Oil

Crude Oil has been very bullish this week, and has given big returns for many forex traders. The weekly chart's oscillators seem to be showing mixed signals. However, the MACD of the 4-hour chart offers a more accurate picture that the trend for today may be a downward correction. Going short with tight stops seems to be the preferred choice for today.

Crude oil rallied half a percent above $72 a barrel on Friday, extending the previous session's 0.9 percent gain on positive demand expectations and inventory data. China's crude oil imports in August surged about 25 percent on the year to a near record high of 19.6 million tons, or around 4.6 million barrels per day, Reuters calculations based on official customs data showed. The International Energy Agency raised its demand outlook and the U.S. Energy Information Administration reported crude inventories fell 5.9 million barrels last week, four times greater than forecast in a Reuters poll. Crude Oil is trading at $71.72 as of 9:50am, London Time. Crude’s Pool-Position is 39% Long, meaning that most Finotec clients are Selling the commodity.