My first resistance level is 5020 so any reversal near the 50 level will do.. Doubt it is going to get there now.
eeeek, sorry to hear that mate... I know you had been looking for this move for a while too, so that really is harsh. Been a shitty day for everyone here i think. i just now have to hope oil somehow manages to rise overnight and opens at 7am in the low/mid 49s.
How much are you down? I am pissed off I dumped my USO yesturday. Would have been sitting on another $3,500 now. Overall I made about $200 today not exactly what I was hoping for and I have to go back to work tomorrow!
I am not saying these Market big players does not know these numbers. now oil touching $50 they can not take any further for a week , so how to rob small traders, bring it down to 46 range and make money in that down side as small traders believe oil won't fall below 47.50 for a day or two - then once down to 46 then pull it back to 48 level by friday ( getting small traders shorts from 46 onwards )
I don't think big speculators can control the market to the extent you think. There are too many hedgers in the market and too much volume. Sure they can take out a few stops when the price gets close to it but direct the market like you suggest is just too much.
nope, I am fully short (load of contracts )at 48.45 so cash for 49.70 short I am so confident 49.70 won't hold ( atleast for 1 hour) I thought of asking to short some in your account on my behalf ( borrowing )
If I am a big hedge fund I dont need to direct the market. All I need is to take out some stops and a couple of important 'levels'. Herd mentality will do the rest. As far as taking out stops is concerned I suggest you look at market profile at critical levels(near previous interday lows/highs). You will be amazed to see how only a couple of hundred lots can change the sentiment
i agree it is big high volume market with many big players . They act in tandem , not every hour they coordinate and act , but the over all theam for a day or two they understand and act together. they need not need to talk to each other but the from the price action they know how the other big players are acting .
The locals tend to run stops and the price generally rotates back down and they pocket the gain on the downside as well. Unless you get a stong surge in volume breakouts often don't follow through. Let alone carry the price as far as is being suggested.
I don't think so personally. I think the market has too many particpants, too many retail speculators and too many commercial companies hedging. If big speculators pushed the price too far away from fair value they would get killed by lots of commercials coming in and exploting the high/low price.