i did notice oil basically ignoring eur/usd's movement today very odd. a sign of weakness i think. was able to get that last spike down, the sudden downspike in ES sent oil down moments after.
why can't we have more days where the movement is smooth and controlled, intraday oil is just so crazy these days.
oil price has built in price factor of assumption weak dollar . it seems market may start doubting that assumption that may be the factor in this oil sell off . let us wait what news analysts says
It seems all the hedge funds are selling ( in general equities )and waiting for next week fed meeting on policy which give general direction for dollar $
I am down 50 cents/lot in this sell off, wondering should I hold off these over week end. Is anybody holding over weekend ? Any ideas holding oil over weekend from this AUG 7180 level . Given next week fed meeting news anybody holding over weekend
in addition to weak gasoline fundamentals pulling oil down , today is quadraple expiry day ( index options, stock options, single stock options , future options ) my guess is this big option sellers ( in many OIL company stocks and OIL indices ) may have lots of CALL options sold ( oil company stocks options equivalent of OIL at 73 - 75 level ) to small traders. You know all BIG traders always SELL both CALLs and PUTs they never buy these. so pushing oil prices down today keep them all those options expire worth less and they can keep all premiums
beautifully explained....not to mention big players sell covered calls which means now they are also squaring their positions earning not only option premium but also profits on long future positions
dont know what you mean but I lost $10k today. However the loss doesnt matters. What matters is that I actually learnt alot from today and next time this loss would be converted into profit