Mav- that's one heck of an uptrend indeed I'm new to Elite - how do you get a nice chart like that embedded in your post? Sorry for the dumb question - and thanks.
Grab the html link from the chart's location and then use img in brackets before the link then /img in brackets after the link
Sorry I can't show it without it thinking I have an image. If you reply to my post with the chart you will see the code in the post.
I'm sticking my neck out here! I'm with Buy1Sell2, and will put my money where my mouth is. Going long oil Monday morning. The entry will be verified in my Journal Monday at open.
There can only be one of us right, let's see Monday, proof will be in the pudding. Thanks for your detailed contribution.
http://www.afr.com/business/energy/...ate-to-sink-below-40-a-barrel-20170506-gvzk1e Bets on West Texas Intermediate to sink below $40 a barrel May 6 2017 at 2:47 PM Updated May 6 2017 at 2:47 PM About $9.4 million worth of options changed hands Friday that will pay off if West Texas Intermediate crude falls beneath $US39 a barrel by mid-July. It's come to this for the beleaguered oil market: a big bet that prices are about to sink to their lowest level in more than a year. WTI, which hovered around $US46 Friday, hasn't traded below $US39 since April 2016, though it's been dropping like a stone in recent weeks. More than 14,000 August $US39 puts changed hands, almost 20 times the number of contracts previously outstanding for the bearish option. The trade was a sign of the "crescendo of negativity" that's washing over the oil market, said James Cordier, founder of investment firm Optionsellers.com. Prices have plunged about 13 per cent in the last three weeks, amid fears that OPEC-led production cuts aren't doing enough to stem a global supply glut. For Friday's bet to work, prices would have to match that drop in the next few weeks, during a time when summer driving typically pushes demand higher, Mr Cordier said. "That's just a huge speculative bet that tells me that the fear is at its heights and we'll probably see oil recover," he said. "It's a hell of a lottery ticket that the market's going to keep falling."