If we were to display a short-term daily chart of the Canadian dollar, it has certainly become a bit oversold, but the above weekly chart still tells us that any temporary pops in the the U.S. dollar against its northern neighbor should be sold. Meanwhile, take-profit orders should slowly be placed in the 1.4390-1.4440 region where our Fibonacci bands on both a daily and weekly basis will fit the price action nicely.

In addition, while we believe crude oil has become very overbought, we also examined a weekly chart of Natural Gas today and could spy a strong long-term target for this latter commodity up toward 80. One company with a nice unhedged exposure to natural gas is Chesapeake Energy (CHK) -- a stock currently around $8.35 that we also can spy a Fibonacci upside target of $14.29 on. As a matter of disclosure, the Principal of Sand Spring Advisors recently went long CHK for his personal account.

Source: Advanced GET End-of-Day

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Sand Spring Advisors provides information and analysis from sources and using methods it believes reliable, but cannot accept responsibility for any trading losses that may be incurred as a result of our analysis. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities, and should always trade at a position size level well within their financial condition. Principals of Sand Spring Advisors may carry positions in securities or futures discussed, but as a matter of policy will always so disclose this if it is the case, and will specifically not trade in any described security or futures for a period 5 business days prior to or subsequent to a commentary being released on a given security or futures.