As it turned out it was. Tried a long at 84.80 as the indices moved higher. But it stalled and I bailed at 84.73. Maybe they just realized, "Hey, what were we doing? What's with this rally stuff? Don't you remember what schizo said?"
Downside target for today: 82.20-ish If 82 is violated, 80. If 80 is breached, 75. For now, just playing the if-then scenario.
Judging by the price movement, looks range bound so far. With 85-85.20 range resistance and 84.40-84.50 range support. Back to tracking the indices which unfortunately it forgot to do on my trade.
Energy Stocks Feb. 16, 2011, 10:49 a.m. EST Energy stocks accelerate on supply data Valero jumps on upgrade to top pick rating by RBC Capital Markets By Steve Gelsi, MarketWatch NEW YORK (MarketWatch) â Energy stocks added to their gains on Wednesday after the release of bullish petroleum supply data. The U.S. Energy Information Administration said petroleum inventories rose by 860,000 barrels, less than the forecast of 1.7 million barrels in a survey by Dow Jones Newswires. Gasoline stockpiles rose by 205,000 barrels, as refineries scaled back operations to 81.2% of capacity, from 84.7% in the prior week. The NYSE Arca Oil Index (NYSE:XOI) rose 1% to 1,327, after rising about 0.4% earlier in the day. The NYSE Arca Natural Gas Index (NYSE:XNG) rose 0.4% to 648. The Philadelphia Oil Service Index (NASDAQ:OSX) rose 1.9% to 281. Violence in Bahrain, unrest in Libya Among stocks on the move, Valero Energy Corp. (NYSE:VLO) rose 3.2% after RBC Capital Markets upgraded the refiner to top pick, from sector perform based on projected improvements in refining margins. Devon Energy Corp. (NYSEVN) said Wednesday that its fourth-quarter net profit fell 16% to $562 million, or $1.29 a share, from $667 million, or $1.49 a share, a year earlier. Revenue for the quarter fell 13% to $2.14 billion. The oil and gas exploration and production company said that, excluding one-off items, it earned $1.57 a share in the quarter. Analysts polled by FactSet Research had been expecting earnings of $1.40 a share on sales of $2.28 billion. Devon said its North American onshore estimated proved reserves at the end of 2010 were 2.87 billion oil-equivalent barrels, a 9% increase from the end of 2009. Shares of Devon dipped 0.6%. Nabors Industries (NYSE:NBR) fourth-quarter adjusted earnings of 44 cents a share beat the Wall Street estimate of 37 cents a share, according to a survey by FactSet Research, The oil service firmâs net income increased to $51 million from a loss of $47 million, while revenue increased to $1.3 billion from $727 million, after it absorbed its acquisition of Superior Well Services. âOur fourth quarter results exceeded expectations in virtually all sectors of our business except the Gulf of Mexico where the permitting gridlock persists,â the Hamilton, Bermuda-based company said. Shares of Nabors rose 2.5%. FirstEnergy Corp. (NYSE:FE) shares fell 0.6%, The power generator said its fourth-quarter profit dropped to $180 million, or 61 cents a share, from $236 million, or 78 cents a share, in the year-ago period. Adjusted earnings dropped to 70 cents a share, from 77 cents a share. Revenue rose to $3.22 billion, from $2.96 billion. Wall Street analysts expected the Akron, Ohio, power firm to earn 76 cents a share, on revenue of $3.96 billion, according to a survey by FactSet Research.
Poor little CL is out of favor these days. Now it's obvious which way the bias continues to be. Good thing you stepped away from your desk ND. Add: This was right before DX plummeted. Amazing how quickly it all can change.