I think they did it again, pulling up against inventory #. I got hurt this time, though I dodged the bullet last week. 77 prediction is off, it's not going to happen. I will downgrade the importance of inventory # from now on. it's a joke.
Everyone was short already going into the numbers. What did you expect. Sell the rumor buy the news today
BP, Sorry to hear that. But a few of us did voice our concerns yesterday about a possible drift up following the inventory (especially this noob ). However, this upthrust is really a gusher. Check out the daily chart. Boy does she know how to wag that long tail! What's the consensus on the upside target before she trips and falls? I say 81.50-ish for now.
Out 80.08. Should have stuck with the original plan. She's not about to let up anytime soon it seems.
observation - crude almost always makes a late day push between 12:30 and 1:15 CST before dropping - if its going to drop. for an idea of when the push is going to run out of steam at 12:30 draw a trendline (up) on a 5min chart. when you get a close below that line - its time to short.