wmeubank@ocp.kcmo.com
THE REAPER
P.O. Box 84901, Phoenix, Arizona
(September 25, 1997) ENERGY COMPLEX: Natural gas is the clear leader in this complex. Supplies are low. Cash crude oil and heating oil have been in a trading range. But the futures contracts in crude oil, heating oil, and unleaded gas have all turned nicely bullish. It is unlikely that the bases of support in energy will be broken any time soon. The energy complex broke out upside September 24-25, right on our turning points.
RECOMMENDATION–Futures investors who purchased December 1997 and 1998 crude oil call options–hold. Futures investors profitably long January natural gas use $2.89 open protective stops, taking partial profits on strength. Futures investors profitably long January heating oil use 56.90 cents open protective stops. Take partial profits on strength.
R. E. McMaster, Jr.
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