now to know what was that $103+ spike in last night asian session , that is to trap new LONGS at the morning $101 levels into trade :- )
http://www.elitetrader.com/vb/attachment.php?s=&postid=3102562 Don't trade against the Magic Eight Ball.
(Reuters) - Traders said oil prices fell by more than $2 a barrel in late Thursday activity on rumors Libyan leader Muammar Gaddafi had been shot. BUT: Confirmed: Leader of Libya has not been shot; rumor he was shot was started by oil traders in hopes to drop oil prices
Ha ha! That reminded me of the Happy Fun Ball commercial, "Do not taunt happy fun ball." Which, come to think of it, should be the warning that pops up when you open a DOM to trade CL http://www.youtube.com/watch?v=7gzDC-2ZO8I
LOL, I actually daydreamed a scenario in which I would. Funny how a rumor that the guy had a bullet in him makes oil drop so much.
Actually I was thinking that rumors would be easy to start on Twitter in particular. Just get it going and people would RT it. Don't like the way your trade's going? Start a rumor. (SEC, I'm only making a joke about doing it, although it probably could be done). The other reality is that whole run up was supported underneath it by nothing but air. As soon as it came out the Saudis weren't going to follow suit and would in fact make up for any Libyan shortfall, this had to go down.
That's funny. And for what it's worth the "Will CL pullback to 96? Magic Eight Ball Question was asked and posted at 6:27 AM PST this morning. We've obviously been making this whole trading thing with all the technical indicators and stops, etc. a lot harder than it needs to be. I tried to enter negotiations to purchase the Magic Eight Ball. But it turns out it's not for sale.