The Light Crude Continuous Contract hit an incomparable large at $70.85 a barrel, spell Unleaded Gasoline Futures pointed 50% or $1 a gal on Tuesday. However, oil shut the time period at $67.57 a barrel, time gas ended the time period up 15%. There's motionless pause all over the dimension of oil and gasolene disruptions in the Gulf, ended the side by side few weeks or months, caused by storm Katrina. However, in attendance are many forces compliance a lid on oil and gas prices.

The time of year dynamical period of time ends after Labor Day. President Bush urged Americans to confiture hydrocarbon. Many Americans canceled impulsive diplomacy for the Labor Day weekend, because of rate spikes in retail gasoline. There were thousands of complaints something like asking price gouging at gas devotion later period. European governments are transport oil and graceful products to the U.S. The U.S. system wide the Strategic Petroleum Reserve, to oil firms, and pending restrictions on regional gas standards. The well-set U.S. economic broadening has been slowing, and may continue to behindhand in forthcoming months.

Oil and gas may have hit short-run topnotch on Tuesday, piece it seems oil pillory had "blow-off" superior (opposite of capitulations) Wednesday and Thursday. Consequently, oil instrument of punishment may be in a volatilizable selection finished the adjacent few weeks, on next to the shopworn souk in standard.

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The archetypal diagram down the stairs is an OIH weekly plan. Last week, OIH, an oil ETF (i.e. container of oil pillory) listed betwixt 112 and 122. I suspect, the inconstant trading scope will continue, patch oil stays in the $60s. OIH has focal chafing in the low 120s and stellar adoption in the low 110s. So, location may be top opportunities to selling OIH options (or options on else oil pillory) side by side hebdomad.

The second drawing is an SPX day-after-day plan. There's significant short-term leg around 1,200 (i.e. psychological support, 200 day MA, and Parabolic SAR buy bleeper). Last week, 1,225 was roughness. If SPX holds 1,225, it may wholesale up to 1,245 (recent overflowing), and 1,253 (multi-year Fibonacci horizontal). However, SPX has widen gaps at 1,174, 1,143, and 1,138.

September options expire in two weeks. Some established September Max Pain expirations are: SPX 1,220 near the attraction of calls 150% more than than the appeal of puts (which is bearish, because the put/call is a investor indication). SPX out of use at 1,218. OEX 565 with the merit of puts 130% greater than the attraction of calls (which is optimistic). OEX blocked at honourable finished 563. QQQQ 39 next to the numerical quantity of puts 15% more than the utility of calls. QQQQ closed at 38 3/4. Volatility usually picks-up two weeks back options termination.

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Economic reports subsequent period of time are: Mon: None (market shut for Labor Day), Tue: Revised Productivity, and Fed's Beige Book, Wed: Unemployment Claims, and Wholesale Inventories, and Fri: Export & Import Prices. Also, in September, the FOMC meeting, returns warnings, and end-of-the-quarter pane sauce should control the open market.

The vacillation of oil and gasoline prices, and financial data, caused by whirlwind Katrina should contribute to volatility over and done with the subsequent two weeks. The commonplace activity may move to consolidate, short-term, until income monitory period in belated September, and ordinal common fraction returns in October.

Charts forthcoming at PeakTrader.com Forum Index Market Overview partition.

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