Crude: Nothing really matters
Crude: And another month bites the dust. It’s hard to believe that we’re already moving along to the CLM7 contract. We now pivot past the last month of the year and that should be worth something to everyone trying to play the cash and financial markets. We kick off with resistance here at 4865, 4970 and 5052. We’ll look back lower to support at 4712, 4645 and 4555. We’ll also change the lead spread and the front spread moves up to CLM7/CLN7 and start with resistance at –32, -25 and –13. Support comes back to –44, -57 and –65. Let’s get this week done right and the new contract back in play. Don’t lose your way; follow the Dollar, follow the dream.
Gasoline: OK laziness has been set aside and I’m moving ahead the RBM17 contract. We can start with resistance here at 15335, 15560 and 15745. Support looks below to 15170, 14988 and 14775. The front spread moves to RBM7/RBN7. Resistance at +25, +110 and +200. Support to –55, -124 and –190. The RBM7/CLM7 gets resistance at 1720, 1802. Support falls to 1633, 1572.
Distillate: The calendar keeps us moving and we are focused on the HOM17 contract. We’ll get resistance here at 14775, 14950, and 15170. Support looks back to 14555, 14360, and 14130. The front spread bumps up to HOM7/HON7. Resistance here looks at –62, -50. Support holds down to –88, -102. The crack moves up to HOM7/CLM7 Re-sistance at 1433, 1508. Support back to 1378, 1310.
Macro Fundamentals: If you wanted to make a comparison, on one hand we have President Trump and on the other hand, we have Fed President Yellen. This isn’t quite the French Presidential debate, but we can see that one wants America to change for the better, the other one is scared to even think about change. As always, when there’s a FOMC meeting ahead of the Unemployment numbers, I like to think they’re dropping hints. Let’s watch Jobless Claims (246K), Productivity and Costs (0.0) and International Trade (-$44.5B) at 8:30am ET. For fun and lack of innovation, Chain Store Sales come trickling in.