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Crude futures caught themselves after dipping below the psychological $70/bbl level yesterday. Bulls came to the rescue in reaction to the second straight shallow weekly inventory report, and the futures are skating along our 2nd tier uptrend line. In fact, it is the 5th time in six weeks crude inventories have declined. The steady drop in inventories has allowed crude futures to exert a relative strength in contrast to the recent weakness in U. S. and appreciation of the U. S. Dollar. However, the fact that crude fell below $70/bbl yesterday could be a negative indicator, foreboding of a steeper pullback on the horizon.

Gold is consolidating just above our 2nd and 3rd uptrend lines while encouragingly experiencing a little volume to the upside yesterday. The positive volume is encouraging since we’ve seen more interest to the downside lately. The present consolidation of gold reflects the S&P’s hesitation at its highly psychological 900 level.

Since gold is positively correlation with U. S. equities now, a fundamental breakdown in one could coincide with or be followed by a similar pullback in the other. Therefore, investors should be watching gold’s 2nd and 3rd tier uptrend lines closely. For if these trend lines down hold, we could witness another near-term pullback towards our 1st tier downtrend line and the $907/oz area.

The USD/JPY finally yielded to our 3rd tier downtrend line after knocking on the door for several days. The currency pair proceeded to drop through our 3rd tier uptrend line without hesitation on rising volume. However, volume did not reach an abnormal level, and the USD/JPY is finding support once again at our 2nd tier uptrend line. Our
2nd tier uptrend line continues to be a reliable defense, and the USD/JPY may very well bobble between our trend lines as they reach their respective inflection points.

London, June 19 : British director Christopher Nolan may not make third Batman movie.

According to insiders in the industry, the helmer is "reluctant" to sign up for the next installment.

The news has come as a shock to actor Christian Bale, who has already signed for the next flick, reports The Daily Express.

The Prestige star, who shares a good rapport with Nolan, expressed his disappointment over the news, saying: "The fact is I have to do it, I've signed up, I'm in a bit of a fix if he says he doesn't want to do it."

The EUR/USD popped slightly yesterday as Tuesday’s positive economic sentiment data carried over into Wednesday’s session. However, Wednesday’s rise failed to touch 1.40 and the EUR/USD is consolidating around our 3rd tier uptrend line right now. When viewing the 1-hour, we notice the currency pair continues to register larger volume to the downside than the upside. Therefore, we believe considerable momentum to the downside remains. The near-term test will be the ability of the EUR/USD to stay above our 2nd tier downtrend and uptrend lines. These two trend lines are reaching an inflection point within the next 24-48 hours, highlighting the importance of the moment.