getting out early at 48.13. equities making another run up. need to see equities back off before i try another short.
I concur - that everything is following the equities markets. I took an "L" on 30 year bonds today, but had my eye on the currencies as well and they all moved in sync with whatever the equities did.
Crude rose with U.S. stock markets to claw back losses from earlier in the session, when prices sank below $44 a barrel for the first time since mid-March. But the gains pale against Monday's losses, when prices fell nearly 10% in a reversal of the previous month's rally, while the more heavily-traded June contract made even less headway. "Until last week it did seem that the market was ignoring the "bad news" factors," such as downbeat economic data and oil-demand forecasts, said Mike Sander, an analyst at Sander Capital Advisors in Seattle. "But the bottom line is people are still losing their jobs and their houses .. oil could easily stay at $50 or below for the whole year." Trading volumes were relatively thin, partly on the expiration of the May contract, which led to greater volatility as participants focused on squaring their trading positions. But traders were also holding off ahead of forecasts of another increase to commercial crude inventories that are already at 18-year highs. U.S. crude stocks are expected to have risen 2.5 million barrels in the week ending April 17, according to a Dow Jones Newswires survey of 13 analysts. This would mark the seventh straight increase when the Department of Energy releases the data Wednesday. Gasoline inventories are seen falling 300,000 barrels, while distillates -- which include heating oil and diesel fuel -- are forecast to fall 600,000 barrels. Refinery use is seen rising by 0.7 percentage point to 81.1% of capacity. The first indications of inventory levels will come at 4:30 p.m. ET Tuesday, when the American Petroleum Institute releases its report. The market has quickly shrugged off even large builds in crude stocks amid the more optimistic tone of recent weeks. But the rapid slide below $50 a barrel -- a key level for those betting on higher prices -- will have shaken investors' confidence, said Tim Evans, an analyst at Citi Futures Perspective in New York. "The overall support for the market really stems from the idea that data is so bad that it really can't get any worse," Evans said. "I'm not sure that that's a promise I want to bank on as a trading philosophy."