Craig Johnson’s

Financial Markets Summary

Thursday, November 9, 2017

  • Oil has shown solid strength since late June moving higher into the $57 a barrel area. Oil hasn’t been at these levels in over two years. Yesterday, a small pullback in the price took place on reaction to the weekly report from the U.S. Energy Information Administration showing that domestic crude stockpiles declined less than expected.
  • The next significant resistance level for oil is near the mid-$62 a barrel level. Oil closed yesterday near $56.85.
  • Natural gas has bounced slightly off its lows, but is not reflecting the price strength that oil has recently been exhibiting. Natural gas prices have experienced a massive decline since July 2008.
  • Gold remains in a tight $46 per ounce trading range from high to low during the past six weeks.
  • Short term resistance for gold resides near the $1330 per ounce level. Gold closed yesterday near $1281.
  • After hitting a low in early September, the U.S. dollar has been rallying ever since. It remains well below the most recent high in December. The dollar typically will move higher if traders and investors believe there will be an increase in interest rates. Many believe that is likely to occur this year at the conclusion of the Federal Open Market Committee meeting in December. 
 

Sources: bankrate.com, bloomberg.com, briefing.com, Dow Jones News, Financial Times, finviz.com, Investor's Business Daily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, yahoo.com and individual company web sites and press releases. 

Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice.  The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness.  References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service.  Past performance is not a guarantee of future results.

 

 

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