It's been doing a reasonable job of tracking the front-month futures (e.g. QMM06 is down $2.025 today, and USO is down $1.97). There are some quirks, such as USO displaying round-number support/resistance while the futures keep on moving.
Man it's tough being a dyslexic trader! Did I say $70 or $80? I guess I better not quit my day job! $70.425 Last.
wow, this thing is getting killed right now! I am impressed at the fear gripping the late longs and the greed of the new shorts. I am definitely short term bearish. Gasoline broke 2.00 today, but rallied above it at the end. No matter. This will continue its slide to around 66-67 and then resume the long term uptrend. Get ready to get long in a week or two!
Reverse and SHORT! Decisive bearish pattern. Sentiment also rising(damn, shoulda seen it but anyways)...
They'd be broke with shorting gold... we were all long. I used to use sentiment as an indicator exclusively. My findings were that sentiment is useful, but hard to gauge, and even harder to apply successfully alone, or as a major factor. Use tech+fundamentals+sentiment+ other stuff then your odds increase exponentially.
This week gasoline inventories were up another 2.4 million barrels. Refinery capacity utilization was up again to 90.2% and gasoline demand is down, yes, down 0.1% from a year ago. All three numbers are again bearish for gasoline and gasoline will drag oil lower with it. Aaron Schindler Schindler Trading