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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planning trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Nov crude oil this morning is up +30 cents (+0.87%) and Nov gasoline is down -0.0228 (-1.67%). Nov crude oil and gasoline Thursday posted 1-week highs but settled mixed: CLX5 -0.35 (-0.78%), RBX5 +0.0043 (+0.31%). Bullish factors included (1) a weaker dollar, (2) signs that Chinese manufacturing activity has stabilized after the Sep China manufacturing PMI unexpectedly rose. Bearish factors included (1) the bigger than expected decline in the Sep ISM manufacturing index to its lowest pace of expansion in 2-1/3 years, which signals slower energy demand, and (2) the ongoing supply glut with U.S. crude inventories nearly 100 million bbl above the 5-year seasonal average.