well, that 5min barely gave us any lift. No momo behind since pit closed. Kind of interesting CL didn't selloff near as much as the euro today. I tend watch eur/usd charts when I should be watch DX charts, as every now and then I get a false divergence in the contracts since its more of the euro moving, not the USD against a basket, which is the one that effects the price of CL more, in my opinion. BCE, at least you have a good excuse for missing the trades, I have none, just not feeling in a focused mood today. See you guys tomorrow.
Keeps working it's way back up to resistance. Can it break through? Only the Shadow knows. And of course OW's crystal ball.
I looked at almost every year since 2003, it seems that from late-January early February to about mid-April, crude oil always rallies for the spring driving season, I'm waiting on one more pullback then think I might go long mid-term, what ya'll think?
Courtesy of NoDoji. (I'll be her rep today ) and Picaso http://www.elitetrader.com/vb/showt...+dont+let+friends+think+and+trade#post3066354 I have no idea where we're headed short or long term. Peter Lynch said something like, "No one's told me yet how to get tomorrow's Wall Street Journal today." Interesting about the crude seasonality patterns. But patterns can change. The thing with futures is, they're so highly leveraged that unless you have huge funds it's extremely risky to try to swing trade them over an extended length of time and not be on the right side of the trade right off. And then even if you are, you may have to work hard to stay on the right side of the trade unless you happen to catch it right. You may have to keep trying different entries until you get it. I mentioned before the realities of averaging into losing positions which with these contracts is really risky to my mind.
Oil falls from 28-month high as dollar rises http://www.reuters.com/article/2011/02/03/us-markets-oil-idUSTRE71192R20110203 Oil fell on Thursday as a stronger dollar pulled crude off a 28-month high that was struck on concern unrest in Egypt could spread and disrupt oil shipments from the Middle East. The euro fell broadly against the dollar after European Central Bank President Jean-Claude Trichet threw cold water on market expectations euro zone interest rates would rise anytime soon. Brent crude fell 73 cents to $101.61 at 1:21 p.m. ET. Early in the session it rose to $103.37, the highest level since September 26, 2008. U.S. crude for March, dropped 60 cents to $90.26 a barrel, sliding from a session high of $92.05. Further support for the dollar came from positive U.S. economic data on jobs, services and nonfarm productivity. "Crude prices are down on U.S. economic data and word from the European Central Bank that it will maintain low interest rates," said Chris Dillman, analyst at Tradition Energy in Stamford, Connecticut. Prices were also weighed down by data from industry tracker Genscape showing crude inventories at Cushing, Oklahoma, delivery point for the U.S. oil futures contract, hit a record high this week. Rising inventories at Cushing have helped pressure U.S. crude prices to a steep $11 a barrel discount to Brent. The International Energy Agency told the U.S. Congress on Thursday that stronger-than-expected demand from rebounding economies as well unrest in Arab countries helped pushed Brent prices above $100 a barrel. Brent, the benchmark for crude sales in Europe, the Middle East, Africa and Asia, earlier Thursday topped $103 a barrel as the unrest in Egypt escalated, with pro- and anti-government supporters locked in violent clashes. The crisis has raised concerns of a disruption to supply of Middle East oil shipped through Egypt and of unrest spreading across the Middle East and North Africa, which combined produce more than a third of the world's oil. In Yemen, tens of thousands squared off in peaceful protests for and against the government during an opposition-led "Day of Rage," a day after President Ali Abdullah Saleh offered to step down in 2013. IDnLDE7120GU
Feb. 4, 2011, 8:42 a.m. EST U.S. stock futures trim rise after jobs data NEW YORK (MarketWatch) -- U.S. stock futures pared Friday gains after the government reported 36,000 Americans were added to the nation's payrolls in January. The unemployment rate fell to 9% in January from 9.4% in December, the lowest since April 2009. Futures for the Dow Jones Industrial Average were up 24 points at 12,033. Futures for the Standard & Poor's 500 Index were up 1.5 points at 1,304.8, while Nasdaq 100 futures held a 1.75-point gain at 2,323.5.
Unrelated but, wow. Just doing a 5 contract sim trade of 6E just to fool around. It ran up to 1.3676 and then sold off down to 1.36 in 1 minute. I was up over $2k and then down $2k. Then it dropped to 1.3575. Just waking up and looking at a few things. Was this the jobs report? Maybe because the USD got a lift out of the jobs report. CL looks range bound again so far, maybe with a bit of an upward bias relative to the general market. We'll see what happens in Egypt today. Not sure how much I'll be trading this morning. May go back to bed to catch up on my beauty sleep. I need all I can get.