Took 1 NGQ7 @ 6.025... Don't normally play energy but $6 NG could present some type of long term support level here. We shall see....
Scria I thought you cut losses last night? Man this is really bearish - tommorow may even get some heavy duty selling again - maybe even a small gap down. At this point I feel it's exhausted and I can't find a short entry - it's 6.012 now and it's going lower.
They are going lower, be careful. This is NOT support. Take a look at the weather forcast for the northeast. http://www.cpc.ncep.noaa.gov/products/predictions/30day/
i cut my position in half on friday. re entered around these levels... but will cut that re-entry if i don't get a decent close. there has to be support here.. oil is $74. whoever is having his way with the market should hopefully be done soon. i can't imagine producers having any incentive to sell here. so i'd imagine its definitely the speculative side.
i'm thinking too this was the 'next leg'.... the '5th wave' so to speak (not that i buy that elliot wave crap).