CL now 80% of my trading and everything else 20% (in order - ES, DAX, ZB and a few others also traded daily as short term position or swing trades as I get set ups).
Bought calls today. 3 months out with 140 strike. This is a natural dip, nothing more or less....a breather. "In fact, according to the International Energy Agency, China, India , Russia and the Middle East will consume more crude than the U.S. , for the first time. Oil use worldwide will increase 2% this year because of the emerging markets. So with demand as robust as it is, any possible supply disruption will simply push oil up further. " The above paragraph is just one of many to cross wires in the last 5 hours. OIL and GOLD are in "BULL MARKETS". PERIOD. Long term play is well, LONG. Short term pull back as today, short lived.
Target at 129.00 filled. I think oil will have a pullback to at least 112/113 area prior to another run which could make new highs, so I agree that OIL is still bullish long term.
We had excellent price action today (133.12 HOD on July contract) in oil with all the volatility, and I was able to make some good accordion action trades with entries at 132.50 up to 133.00. I am now again all out of accordion bullets with the big drop back to the low 126's and I hit more 131.00 short entry targets at 128.00 and 127.00 (last 131.00 short "add" entry target at 126.00 was removed - 126.11 is the low so far). As a result of all the accordion profits today and all the 131.00 "add" entry profits from todays drop, I decided to cover the last of my 128.35 entries at 126.35 for +2.00 per contract. At this time I am only holding my 134.25 and 134.50 entries plus one remaining position from my "adds" at 131.00 - I will enter new accordion short entries now with any trading above 132.00 - today was very productive and the chance of getting to the 112/113's in the week or two ahead looks possible.
OIL is $138 a barrel - nice call. People listen, donât EVER take the advice of people on posts or ANY "ANALyst. ANALysts all spew mindless drivel that they learned while in MBA schools. They are trained to follow certain data and cannot think for themselves (like sheep being lead into slaughter houses). In short, the majority are idiots and that is why a blind monkey throwing darts can typically receive a better ROI (and that is a fact, not a joke). You keep betting against oil and I promise you the ONLY call you will be getting is: "Hello, this is former oil prognostication guru, how may I help you?" "Yes, hi, I need a large pizza with sausage please." On a positive note, when you are done shorting oil, just know that I could always use someone in the kitchen of my restaurant to wash dishes. Oh, and I will promise you that I will keep your former "profession" our little secret.