Today in commodities: trading sideways markets

Markets do not need to trend higher or lower to trade if you trade both from the long and short side. Inside day in Crude oil as prices should close down approximately 1.50%. As we said yesterday prices could go either way; a trade below $96 would likely signal lower ground and a trade above the 100 day MA at $101.65 would likely signal higher trade. Natural gas is lower by nearly 5% in the last three sessions …clients are down on their longs but will stay the course as we do not expect much more downside. Until we get a settlement above the 20 day MA or below the 50 day MA in the indices we would recommend the sidelines. Those levels in the June S&P futures are 1342 and 1320.