One way to trade crude oil is the Energy Select Sector SPDR ( XLE) ($78.30). My quarterly value level is $68.32 with weekly and monthly risky levels at $80.66 and $81.88, and semiannual risky level at $88.35. Chart Courtesy of Thomson/Reuters Chart Courtesy of Thomson/Reuters The Euro Vs. the Dollar Will Maintain a Trading Range. The euro (1.3008) is below its 200-week SMA at 1.3443. My semiannual value level is 1.2477 with monthly and annual pivots at 1.3231 and 1.3257. My annual risky level is 1.4295.
In sum, the down trend for yields remains in tact but will be challenged by the tapering or papering debate over the next several months. Remember that the purpose of quantitative easing by the Federal Reserve is to push long term Treasury yields lower. Yields are significantly higher than they were before QE3 and QE4 were announced. The rate on a 30-Year fixed rate mortgage rose by 53 basis points last week to 4.46%. My conclusion is that quantitative easing has failed its mandate. Reckless monetary policy caused the gold bubble and the oil bubble and these bubbles have popped. At the time of publication the author held no positions in any of the stocks mentioned.Follow @SuttmeierThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.