U.S markets are closed tomorrow for the Dr. King holiday. S&P futures are up a quarter of a point.
Tonight crude oil futures are dead cat bouncing again, with a gain of 38-cents or 3/4 of one percent. Nat gas is down less than 1 cent. The latest data from Platt's is bearish (Read Here about OPEC's continued OVER production), or cheating. So far, OPEC countries have only "consulted" about holding an emergency meeting, but nothing has been officially called. If they're over producing by nearly 700,000 barrels per day, will the markets believe them if they hold their emergency meeting? I took a profit on the 35 cent move tonight... which is still pretty decent on 10 futures contracts. I will reassess tomorrow. Those output figures are bearish, very bearish and certainly confirm the tanker data that Bear Stern's was talking about last week. The charts no doubt show over-sold rebound potential, but better safe than being a dead duck.
One other oil note, it seems Honduras is 'borrowing' some oil terminals from Exxon Mobil (XOM) and Chevron (CVX) Read about this leasing plan done the Latin American Way!
Access gold is down 50-cents at $626.40, though volume is fairly heavy at 54-thousand contracts.
Could the iPhone be doomed to failure? This columnist thinks so.. and you know what? I don't think he's too far off the mark. (Click Here)