CL Redux

Man, ya gotta love this price action. Did they get confused between RTH and AH? I think I'll skip RTH and trade only AH from now on.

 

Funny I was thinking about this today right before I got up. Like you say every other day or so we get one of these news driven super moves. And even more funny, but who's laughing , is that while I was thinking about this it was probably actually happening in the real market. I tried to point out to my broker that I should at least get partial credit for my thoughts, and it was early to be actually getting up, but he informed me you have to actually do the trade to get any credit. Bummer.

 

I was thinking about this too. Seems a lot of the big moves come in AH. I mav have to move to Italia.

 

March 18, 2011, 2:59 p.m. EDT
Western powers prepare for Libya action
United Nations has authorized military action, no-fly zone

By Polya Lesova and Robert Schroeder, MarketWatch

WASHINGTON (MarketWatch) — Western powers moved closer to military action in Libya on Friday after the United Nations authorized “all necessary measures” to protect civilians there.

France, the U.K. and the U.S. said they were taking steps to carry out the resolution, which is aimed at protecting rebels in Libya who are fighting to overthrow the government of Moammar Gadhafi.

President Barack Obama said the U.S. won’t “stand idly by” and that the U.N. resolution would be enforced with military action if Gadhafi didn’t halt all attacks against Libyans. Obama stressed that the U.S. would act with partner nations but would not send U.S. ground troops.

“Now, once more, Moammar Gadhafi has a choice,” Obama said in a statement at the White House. “The resolution that passed lays out very clear conditions that must be met.” Obama said a cease-fire must be put in place immediately, and Gadhafi must halt his troops’ movements and let humanitarian aid reach Libyans.

The steps followed weeks of indecision and inaction by the international community, while forces seeking Gadhafi’s ouster battled his army and air forces. The fighting in Libya is the bloodiest of the unrest that has swept Arab countries in the Middle East and North Africa as populations rebel against repression, lack of opportunity and poverty.

Governments in Egypt and Tunisia have been overthrown, while protests have destabilized leaders in Bahrain, Jordan and Yemen. Unrest has also emerged in other countries in the region.

Intervention in Libya would mark the most forceful action by Western powers since the regional unrest broke out.

“We just passed this resolution last night. And I think now we’re going to be working to operationalize it. And we’ll see, as I’ve already said, what the next steps will be,” said U.S. Secretary of State Hillary Clinton on Friday.

Clinton’s statement followed similar comments by French Foreign Minister Alain Juppe and British Prime Minister David Cameron.

“We are ready, but I cannot give you more details,” Juppe was quoted as saying by Reuters.

Cameron said earlier that Britain was moving aircraft into position to be ready for action.

“Preparations to deploy these aircraft have already started, and in the coming hours, they will move to airbases from where they can start to take the necessary action,” Cameron told the House of Commons on Friday.

He added that the government was “satisfied that there is a clear and unequivocal legal basis for the deployment of U.K. forces and military assets.” Read MarketWatch First Takje on Cameron.

The comments from Clinton and Juppe followed reports that Gadhafi had declared a unilateral cease-fire. Those reports were quickly undermined by news that Libyan government forces were shelling rebel-held towns.

“We’ve seen press reports of a cease-fire by the Libyan government,” Clinton said. “This is a fluid and dynamic situation. We are going to be not responsive or impressed by words. We would have to see actions on the ground, and that is not yet at all clear.”

Clinton spoke after Libya’s foreign minister said his government was bound to accept Thursday’s vote by the U.N. Security Council that authorized the use of force against Gadhafi’s regime to protect Libyan civilians. The resolution also authorized a no-fly zone.

Libyan Foreign Minister Moussa Koussa said his government decided to declare an immediate cease-fire and stop all military operations, according to reports. U.S. stocks rose on the report, while oil prices edged slightly lower. See Market Snapshot for more on market reaction.

CNN, citing an opposition source, subsequently reported on its website that “fierce fighting” was under way in Misrata, Libya, despite the government’s cease-fire declaration.

Clinton also said the U.S. will continue to work with other countries to press Gadhafi to leave

 

My husband asked me recently why I shut down at the pit close. "That's when the best stuff happens!"

Well, (BCE can relate to this), I'm the one up at 4:30am (my time, and that's your time too, BCE, so get your ass outta bed and you won't miss the good stuff), noting levels, drawing trend lines, trading my own trades, and monitoring the ATS which occasionally alerts me that it's planning to go long or short at a level that takes at least a few days off my life. THAT'S why I shut down at the pit close.

It's HIS job to handle things from mid-morning all the way through the night, if he so desires

OK, it's after noon here, time for a beer

 

I wonder if the usual AH morons will reappear just before the close and push this baby up to 103?

 

It's funny that I used to get up everyday at 4:30 or so and then work 15 hrs mostly in a row, not recommended. And I'd rarely see anything worth while at that time of the morning. This was years ago when I was trading only equities. But as you and schizo are pointing out, and we concur, CL is a different animal and lots of times the good stuff does happen AH. After years of working 15 hour days I felt I'd never do that again. So I've decided to turn my account over to you NoDoji to manage and I'll be happy to pay the 1% fee for your services.

 

I used to hang out in the Pitstock trading room (http://www.pitstock.com/chat.html) with about 400 or so other traders from all over the world, and talk about the markets, trade, post trades, etc. And then later in the day, after a break for dinner and an hour or two of TV, I'd look at charts, etc., then I'd go to bed and do it all over the next day. It was too much. The body doesn't like sitting in front of a computer that many hours in a day.

Hey, bighog, your post disappeared. Were you here when there was a guy named Phantom Trader that would post something and then delete it before the time was expired so he always had one and then no posts? Ha. He eventually kept a few posts.

 

When I was trading ES, I thought being glued to the computer for 6 1/2 hours was too damn long. CL lessened that burden by 1 hour. Now that I'm flirting with other commodities, particularly ags which trade for only 3 1/2 hours with some wild intraday volatility, that burden has been significantly reduced. Although I'm not actively day trading them yet, I can understand why ag traders tend to look down on their oh-so-fashionable ES and CL brethren. :eek:

 

http://www.youtube.com/watch?v=NNC0kIzM1Fo

Thank you for the hint on breakouts, Nod.