The Chart du Jour

October Crude $37.22 Bound

Sep. 6,2000

By, Barclay T. Leib

We are never ones to advise jumping on a bandwagon late in the game. Crude's advance since 1999 certainly is in long in the tooth, and sentiment numbers in that market remain at lofty overbought legvels. Nonetheless, Wednesday's vault higher in crude basically takes out all of our previous highs in Crude on both a continuous contract and individual contract basis. Basis the chart below of October crude, we now see an extrapolated Fibonacci target of at least $37.22. It is only from this next level that the rise of crude will cause Fibonacci retracement lines to "fit" the intervening highs and lows of the advance to date.

Chart created using GET End-of-Day

The French protestors against high gasoline prices -- complete with refinery blockades etc. -- will soon go from the number three global news story to the number one. A crisis in crude at the same time that Wall Street learns the perils of Intel and Micron (due to excess DRAM supply that's always been there, of course, but only now is finally being admitted) is of course a toxic combination.

Comme en dit en francais: Soyez bien attention aux marches de Septembre. Une vraie crise mondiale peu develope tres facilement.

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