gee, thanks for the answer, i was new to crude trading, just one month ago. crude is supposed to be tradable 24hr/day. so the activity after that time is of no significance. that is why most time I switched to YM, I can catch some late afternoon profit-taking or short covering wave in YM.
I bought it today at 48 and sold it at 50.3, not brag about. look at the stock index, I know the pullback is a great buy opporniuty, just by luck. do not pay much attention to the inventory report. when economy pickes up, crude will be 100+ again. those bailout money/obama's package will inflate everything. look at the mortgage rate, you know another bubble is ready to start.
its pretty simple, the dollar is tanking and probably will continue to tank now that the fed is printing money openly and buying t-bonds....oil and especially gold are going to move inversely to the dollar and will likely shoot quite a bit higher over the next week. we will see, maybe i'm wrong...but i think oil will break through resistance by end of this week to new (recent) highs.
oil will rise, but wont be in and 'up-trend'. since in oil theres always gna be the human factor lack of buying interest at higher levels, and that is more powerful than the dollars factor. and gold i also wont be buying longterm as its simply a manipulation toy. And so now the stockmarket is going to gradually rise to the 8,000 over next few months, theres no way of knowing how much money will be taken out of investing in gold for safety and used to buy the dow by the more defensive traders who didnt buy in the mid 6500s. The one thing that WILL GUARANTEED rise as dollar weakens is CORN, WHEAT and SUGAR. Down 60% t 80% since summer, so a huge buying opportunity now if you didnt already start buying them. Since no matter what happens people are always gna need bread and sugar to survive. and that will be more important to them than oil.
ok, today crude up 7% again. i made two mistakes today on crude. first I bought it a alittle bit early, get shoken out. then shorted it a little bit too early , get killed again. play two rounds of scalping short and buy, and recouped the loss, break even. feel totally pissed. dow is in the trash, 8000 is not near, if it hits, that is a big sell technically, that is previous low
i sold at 52.83 down to the high 51s, and then the scalp-sold 3 spikes around there for about 30ticks each. caught caught out in cahsing my final sell in as i clicked seconds too later before the after-hours close, and now its gapped up those 40ticks to my entry!
those guys shorted the 7800 level, gee. i short some at 7797. only technically guided, nothing about economy. short crude at 53.8, almost killed me, still looks strong even people do not buy crude