I have a VERY simple strategy for trading oil but I want to continue to learn how others attack the beast. Can you all tell me why you chose to short just below 8000 and not at 8050? From my VERY BASIC analysis the place to go short was around 8040. <a href="http://content.screencast.com/users/enochbenjamin/folders/Jing/media/b0aaf94f-1b65-435b-ae1b-b066da628d01/00000055.png"><img class="embeddedObject" src="http://content.screencast.com/users/enochbenjamin/folders/Jing/media/b0aaf94f-1b65-435b-ae1b-b066da628d01/00000055.png" width="1045" height="592" border="0" /></a> I am not questioning anyone as I know there are far greater (and lesser) traders than myself. I only ask for additional insight. Thx!
CL crashed shortly after the equity market closed yesterday at 16:30 EST, falling by as much as 90-cents. What was that all about? Does that happen frequently? Please enlighten this noob.
Well, I'm no better than anyone here but here's my newbie take. The upward momentum was frankly too great at the time. Moreover, I really wanted to see this beast shoot up to 81.50-ish so I can short. Only later did it manifest its weakness and I entered short at 80.06.
API inventory numbers come out at 4.30est every tuesday. They give a general concensus on the what the DOE #'s will be on Wednesday. They numbers are not accurate because the reporting data collected by the api is not mandatory like the doe #'s
I was at lunch so I missed the 8050 chance. Someone was trying real hard to run some stops when they pushed it up there. Options expiration 2morrow. Im guessing its going to hang around 80 all day. I will be building a short position expecting a selloff on Friday.