Quite a bounce for crude off the bottom

Discussion in 'Energy Futures' started by BCE, Oct 31, 2006.

  1. BCE

    BCE

    Was that just short covering? Didn't see any market moving news but maybe there was some. Was just considering reshorting it. Almost got my head handed to me. :)
     
  2. This latest price action in oil has been scary if you are long oil, bear market rally today? I would be surprised if the contract doesn't break $55.00 soon. My only question at this point is will oil go to $50.00? If it does and breaks below that, then I will get that 1972 suburban I've had my eye on. :confused:
     
  3. BCE

    BCE

    Good one about the car. :D
    [​IMG]
    It seems like an end of the month short cover to make the books look good at the end of today. I think it goes back down too. Stay tuned. :)
     
  4. Yeah, with this break it will likely consolidate in the 56-57 region, if it gets there .

    I reckon, longer term/eod, 57.5 is still a value buy i think.

    edit-damn, who would own a hearse?
    Thats a 72 suburban, huh? Its a monstrosity.:eek:
     
  5. Everything is relative I guess. When you drive the car down the road wearing binoculars even the bugs look threatening. EMini Light Sweet bounced up about 1.25 today after an aggressive confirmation of a bottom about 1:40 EST today. The current intraday trend is Bear (IMHO) so 61.050 is a conservative and expected upside (though maybe not violation target) target with 61.80 being an unexpected violation target. Prices oscillate and 57.025 was an extreme bottom. 57.25 was the minor and aggressive confirmation of that bottom. Oscillations oscillate.
     
  6. BCE

    BCE

    Actually it bounced more like 1.80 but your points are well taken. Seems like 60.50-61 is a good reshort. Stay tuned. :)
     
  7. Classic, haven't laughed that hard in weeks.
    :D

    I'll start the bidding at $250, great way to save on rent too.
    Are trade ins considered?
     
  8. J-Law

    J-Law

    Forget what the front month is doing.

    The spreads have been building a carrying charge back into this market. Granted, anything can happen at anytime, but the month to month spreads have reflected this.


    http://quotes.ino.com/exchanges/?r=NYMEX_CL
     
  9. Emrosie

    Emrosie

    The front-to-back CL spread has gotten killed.

    11/3's action was lead by the RBOB crack spread. It will be interesting to see if they can get the prompt CL above $60 early next week.
     
  10. yeah gawd damn it; i saw this rally comin' and was in and long vlo durin' the first rally...u gotta give to nyse traders tho, they good at shakin' u out: this sob dropped like a stone at 3.30 only to resume trend and close near the highs. bastid, even with a [my] meager 600 shares profits would have made u happy :(
     
    #10     Nov 3, 2006