Long Oil @ Open

whew ... I made a few hundred ... not much really in QM tonight

going short ... but am a tad long USO ( oil ETF ) from friday so
that will eat into my profits if we open way lower

broke even trading QG ... that sucker moves like a bucking bronco
will try not to touch it in future

 

Covered 1/2 my ES position @ 1297.00 will cover the remainder @ 1296.50.....pretty slow tonight so far.

 

You must be an idiot to short oil lol

 

Covered last 1/2 at 1296.50....flat and done.

 

Crude remains in a downtrend from the recent highs.

 

Or maybe he is just a shrewd trader. No one was willing to go home short over the weekend. Now that it looks like Ernesto will completely miss the gulf, going short looks like a smart play.

 

Successfully picking up nickels from a steamroller. Smart play? Maybe!

 

So, how's the long oil at the open? Still hanging in there or margin call already?

 

buy USO, there will be some excuse as to why oil will go higher in the next week or 2 and oil will be trading back at $73+ a barrel. Anytime oil has come down this far and fast it seems to bounce higher. It could touch $68 but it will not stay under $70 for long.

 

I did just fine on the short side today. Markets go both ways BTW, and I trade em from both sides, regardless of long term trend. I am primarily a day trader so I could care less if its a freight train one way or the other. There has been some GREAT down days recently, and will be again. Been really good up days as well.

This is a good day trading market. Has been since it went electronic (minis).

Jay