nice trade!! http://www.tradingmarkets.com/.site...Just-A-Pull-Back-OR-Change-In-Trend-77658.cfm I believe this bounce will be short lived, the underlying factors are simply weak, crude back to sub 100 potentially. surf The price of oil is dominating the worldâs economic news lately. A massive, powerful and short crushing uptrend has been underway since January 2007. Every murmur and rumor out of the Middle East is causing severe reactions in price. Wars, storms, strikes, terrorism, and supply/demand concerns are magnified in effect, due to the intense scrutiny being paid to this economically critical commodity. The entire U.S. stock market seems to be tied to the price of oil; oil goes up, the market falls and vice versa. Even the weak state of the U.S. Dollar sways with the price of oil. Every pull back since 2007, has been answered with another surge ahead. However, there are several very important differences between the current pull back in price and the ones in the past. First, this decrease was the steepest 4-day decline in oil trading history......
Today I had my first scale out target hit for 33% of my QM short position.....covers filled in the $127.75 to $127.55 area for a +$20.00 per contract profit. About $12.00 lower than todays lows I will look to scale out again....so far this is looking like a significant breakdown in oil.
Oil suspended in animation here at the $124 level....last good support was $132 area. $9 to $10 down from here and I will cover another 33% of my $147.75 short entries. I feel the Bush "lifting" of the offshore ban had almost nothing to do with our current drop.......very large block short positions were already being built up prior to that announcement in the CL.
Thanks......a person needs a vacation from ET every once in a while....LOL! I am not as busy as I used to be in the past either, so I have nice casual days now trading on my own (without all the distractions in the past of trading in an office).