who's trading today!!? i'm holding 1 long at 49.50, trying to add a 2nd at 49.70. stops are at 49.40. >nevermind, it took off. i'm out at 49.96.
- Oil trade is continuing to book profits in oil ahead of this week's inventory reports expected to show another sizable jump in oil stocks. - Expectations for an IEA to make a significant downward revision in global oil demand in a report late this week is also likely weighing on sentiment.
http://finance.yahoo.com/news/Oil-falls-below-50-as-rally-apf-14869948.html With few economic indicators expected on Tuesday, traders turned their eyes to the start of first-quarter earnings season, with aluminum giant Alcoa Inc. scheduled to report after the stock market closes. Many investors expect dismal earnings pictures for many companies hit by the recession. As the economy slows, so does demand for petroleum products. "This market moves on the macroeconomic news now," said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. Oil prices jumped from below $35 in February to above $54 last month, brushing aside key indicators that show crude oil supplies building with no real increase in demand. But the biggest fundamental is money flow, Kloza said, and investors continue to look at the oil markets as a long-term hedge against inflation. Although investors often focus on the current oil contract, the December contract was trading around $60 before it dipped Tuesday morning, he added. "That's really the yin and the yang of it right now, and I don't know if the yin is going to win or the yang is going to win," Kloza said. The U.S. Energy Information Administration releases its weekly inventory report Wednesday morning, and the International Energy Agency will follow with its monthly survey and outlook on Friday. "I think everyone is betting that it's going to be a pretty sharp downward revision in the 2009 forecast," Kloza said.
short 49.95 stop 50.20 i don't think we'll break 50.00 >>added 2nd short at 49.85, stops at 50.15 i HOPE we don't break 50.00...
choppy piece of... lol this is scaring me. stops moved to 50.05. >out at 49.72. couldn't hold on any longer. it keeps stalling the drop, makes me think we could go up.
short 1 @ 49.85 will add 1 more at 49.95 stops at 50.10 crude is moving so slow and choppy today.. trying to predict beyond 10 minutes seems like an exercise in futility. my kind of workout...
ok, nvm the workout. out at 49.62. +1018 so far today. the choppiness is making it more stressful than it actually is. investvision, did you make any trades today?
this low volume chop is just asking for a break out, and with pressure from equities and tomorrows report, the break will probably be to the downside.
moved stop to 49.700 now if rb would just come down a little, we'd see a real sell off here. i'm out at 49.400 it's taking too long to sell off. i'm going to sit on the sidelines until the close probably.