covered the remainder...moved almost .25 in my direction and was up against a trendline...better to take profit than sleep on it and hope it dips further. god knows what that oil spill might cause overnight.... cheers all
Think this rally was partially due to BP realizing the Gulf of Mexico oil rig collapse is leaking 5x more oil into the ocean than previously though. Just think 5 contracts per day worth of oil lost forever, getting set abalze, fucking with local shrimpers threatening class action lawsuits, etc... with no solution in sight. Less supply = more demand
Now eveyone along the coast wants a piece of BP: fisherman, beach/hotel owners, and local government, etc. Maybe BP traders started to recover the cost today?
doubled up another at 8534 average 8540 and widened s/l to 8600 and lowered t/p to 8400. reason: since intraday action seems to be more fundamentally news driven, Goldman is getting hit with federal criminal charges, and if the SEC charges were enough to ding crude, a criminal charge is bound to have a greater effect if the largest oil trader is indicted as news says.* *IMO only http://www.cbsnews.com/stories/2010/04/29/business/econwatch/main6445636.shtml
less available resources = more of a scramble for whats out there? Ive had a few tonight, pulled my calf muscle plus a million things on my mind. Im going to stop posting now.
woke up to see my stop was hit which wiped out yestrdays gains and then some. re-entered short @ 8580
glad i took my .25 last night...this thing seems to be heading north north and more north. they won't miss any excuse to run it up....