December Crude Oil is up 7 cents at 69.40 this morning as I write. The enclosed chart shows that yesterday, crude prices tested the major uptrend line coming up from the February lows. This is becoming a pivot point for crude oil. Either prices hold here and begin the next bull leg up, or prices break down from here sharply. This remains to be seen. The directional movement indicators are bearish and the ADX line is rising, which does not bode well for prices. We will remain flat in crude oil for now since I am away. If you are long crude oil I would become very concerned if prices close below the trend line in the $68.00 area.

Aside from Crude Oil, here are some quotes from some other markets today as I need to leave:

December Copper == 282.15 -45 ticks
December Corn==$3.19 3/4 +1/2 cent.
October Natural Gas==$2.654 -6 cents
November Natural Gas==$$3.902 +3.3 cents

I have to leave now.

Sep. 3, 2009
David Hall