This is a piece from earlier this year, its very topical at the moment in light of CFTC’s plans to issue a report next month that suggests that wild swings in oil prices were significantly driven by speculators. Its not new what the CFTC is suggesting. I think this has been know for a while now. A lot of the big trading firms / brokerage houses have been heavily involved in speculation in the energy markets with storage facilities to hold the commodity for future delivery and selling out the curve. Read the WSJ article.
This is a weekly anchor chart that tells a very important story that the 989 to 1066 zone represents the 50% to 61.8% retracement from Aug 08 to Mar 09 lows. Very important to note that the yearly pivot point is at 1038 on the S&P500 Cash Index which is close to the 61.8% fibonacci retracement and gives a certain degree of confluence give that Pivot Points are generally price magnets!
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