PRE EXPIRATION DECLINE STOPS SHORT OF TARGET ZONE…REVERSAL TAKES JULY TO THE THIRD HIGHEST SETTLEMENT VALUE EVER. 

AUGUST GAS EXCEEDS THE PREVIOUS WEEK’S HIGH ON ITS FIRST DAY AS PROMPT CONTRACT…A RECORD THIRTEENTH STRAIGHT WEEK OF HIGHER WEEKLY HIGHS AS CRUDE BREAKS OUT OF A TWO + WEEK TRADING RANGE TO CLOSE ABOVE $140. 

PRICES MANAGED TO RALLY DURING THE FIRST WEEK OF ONE OF THE MOST CONSISTENTLY BEARISH PERIODS ALL YEAR.  PRICES NEED TO FAIL OVER THE NEXT COUPLE OF WEEKS…OR A TEST OF THE ’05 HIGHS BECOMES A REAL POSSIBILITY. 

THE PREPONDERANCE OF THE TECHNICAL INDICATORS IS POSITIVE; THE PATH OF LEAST RESISTANCE IS HIGHER.