After the better than expected monthly jobs numbers out this morning, the September US dollar index is getting smashed down almost a point. Crude Oil is having a huge day - the September contract is up over $4.00 and is trading above its most recent high of 90.95. It appears to have its eyes set on the September 20th high of 93.25. As this market enters into short term overbought territory there are opportunities to take advantage of what I think will be volatile trading over the next few weeks. There are several ways to capitalize on a possible retracement back to the mid $80’s level. When you look at the current supply of crude oil, it appears to be ample to meet the current demand - speaking of demand it is still very questionable if we will see in increase in the 3rd and 4th quarter.
Series 3 Licensed
Senior Commodities Broker
Mike was past president and co-founder of United Futures Trading Company, Inc., as well as Investment Analysis Group, Inc. In 2006 Mike joined Lind-Waldock as a senior market strategist. He joined RJO Futures in 2011..... Read More
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