Action In Energy Stocks

The market attempted to break out of its trading range today, but fell back at the end of the day. Looking at SPY (SPY), we can see the ascending 50 day moving average approaching the 200 day. This index has good support here, but it struggling to break above the 95.00 area on a closing basis.

Energy stocks were strong, especially natural gas. United States Natural Gas ETF (UNG) looks like it has found an intermediate term bottom, and should have some more upside left.

We now have energy prices heading higher along with higher interest rates. I wonder whether the consumer sectors will finally top out here.

Here are some energy-related names to watch for long trades tomorrow:

- RRC

- NGAS

- CMZ

- ENT

- GLF

I’m sure this story will spread around quickly, assuming it’s true. I first came across it at Karl Denninger’s site:

Italy’s financial police (Guardia italiana di Finanza) has seized US bonds worth US 134.5 billion from two Japanese nationals at Chiasso (40 km from Milan) on the border between Italy and Switzerland. They include 249 US Federal Reserve bonds worth US$ 500 million each, plus ten Kennedy bonds and other US government securities worth a billion dollar each.

Italian authorities have not yet determined whether they are real or fake, but if they are real the attempt to take them into Switzerland would be the largest financial smuggling operation in history; if they are fake, the matter would be even more mind-boggling because the quality of the counterfeit work is such that the fake bonds are undistinguishable from the real ones.

I want to know more. You ever have a bad day in the market? Bet you never lost $134.5 billion! The two Japanese guys that got caught with the bonds, I wonder what they’re thinking right now. Oops!

Browsing around on the internet, there are a lot of rumors about the North Koreans. Then again, there’s only this one news story, so it’s hard to say what, if anything, really happened.

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