Energy Futures Mixed, Faltering
PHIL FLYNN, Alaron Trading, Chicago (2:40 p.m. EDT): Gasoline is falling late in the day on profit taking in absence of news.. trading at 106.60 cents... crude oil is up a bit at $28.35 but off earlier highs sparked by reports of a terminal closing in Nigeria due to civil unrest... no other details about what's happening there... traders are marking time... think gasoline remains in uptrend... crude oil is sideways but could be on the verge of turning up... Heating oil is still in an uptrend.
Precious Metals Bit Lower
RON GOODIS, Equidex, Guttenberg, N.J. (2:20 p.m. EDT ): Gold is down to $269,20 in profit taking but we are maintaining long positions... fundamentally, it looks like rates are coming down... Australian and Canadian dollars look like they have put in bottoms, which is bullish... there have been reports that mining companies are reducing reliance on hedging by selling forward... holding on for higher prices... being influenced by higher gasoline and energy prices.. firmer U.S. dollar restraint... Silver is down at $4.355.
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