1. Several of you asked for a chart of unleaded gasoline futures, so here you go. The chart below is of the November RBOB Gasoline futures contract. As you can see, gas futures were rejected from the declining 50-day simple moving average during Wednesday's session. Much like crude oil, gasoline is clearly in a bear trend. A close above the 50-day simple moving average (1.42) opens the door to 1.60. But until that happens, bulls have little reason to stalk gas futures.
2. Unless you're trading U.S. Dollar Index Futures (DX) on an intraday basis, there continues to be no reason to pay much attention to this contract. Price extension doesn't become an immediate concern until the contract close above 98 or beneath 93-93.5.
3. While a handful of oil stocks have managed to trade sideways over the past few weeks, others, like Apache (APA), Anadarko (APC) and Southwestern (SWN) continue to be sold. Fundamentals aside, stocks trading at new one, three or even 10-year lows are generally not solid long candidates. So, unless you're approaching names such as these on a higher timeframe value basis, I see no reason whatsoever to stalk these types of stocks for buys.
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