Nov. Oil continues to congest in the 91-93 area. We are consistently selling the Oil on moves to 93.00 or better, covering on dollar dips. Oil clearly looks tired. Supply/ demand fundamentals are as bearish as at any time since the Stone Ages. We think the Nov. Oil is coming back down under $90.
Dec. Gold continues to be well bid even with the rest of the boards sloppy. Gold has come down and held the test at $1750.
However we are suspicious of the Gold at current levels due to the inordinate amount of weak-handed small-lot longs in the December Gold contract.
We continue to sell the contract on moves just above 1780 and cover on dips down to 1768.
For the rest of this FREE SAMPLE COLUMN of market trading recommendations, go to independent trader Al Martin's website Insider Intelligence
* AL MARTIN is a market trader as well as an independent political/ economic analyst with 25 years of experience as a trader on NYMEX, CME, CBOT and CFTC. He is considered to be a source of independent analysis for financially sophisticated and market savvy investors, as well as subscribers who want to understand the behind the scenes working of markets worldwide.
Al Martin's website "Insider Intelligence" Insider Intelligence provides weekly commodity futures trading recommendations.