We are in day trading room again, and it’s time for us to be back with Pitguru Daniel Cronin to review the energy market to plan for your trading week.
The Energies Review
For the week of May 2nd, 2011
Breaking news over the weekend as Osama Bin Laden was killed by US forces, this news coming out on Sunday night as Crude came off to $110.80 before rallying back to $112.40. This is a major headline as it took 10 years to capture Osama but now it is finally done. The war on terror can slowly be chipped away now. I believe this will have a negative impact on the price of Crude Oil and the market should see lower prices on this huge news. There was a big premium on the price of Crude because of the war on terror, and I feel this should be cut significantly now. I will look for Crude to test $110 and then $105 for the next support.