I feel like making some calls based on a model. Needless to say, take these calls with a grain of salt. Short CL 59.30. Usually these trades last one to two weeks, but hey could be far shorter even intraday. Target is very difficul to say, because it is when the model reverts not the price. But a likely target is 57ish.
At the time of this writing with CL at 60.06, model says that CL is overvalued by $1.50. With my entry at 59.30, that doesn't give me a great deal of confidence. Beware that it is totally dynamic. As long as the model says that CL is over/under valued by a certain amount, it will not change it's position. It only exists on a zero crossing. It will then stay neutral until a large enough mispricing occurs. So it could ride a move down [or up] a long way.
Ah geez! This thread is turning into another damn "Why is the Obvious ..." type thread. Thanks, nitro.