I think a lot of people have been trying to pick a bottom in crude, the media attention has helped that out. What people aren't realizing is that crude HAS in fact made a "bounce". The calendars have been on a hard rip for 3-4 days, and front cracks are off $2, thats a fairly large rally, just not in the obvious spot (flat price). IMO, just doesn't feel like there's been a washout yet. Seems as though the bounce has occurred in the spreads and flat price has yet to bottom. To be honest though, we have started limiting our short exposure to products as of today though....things shaping up for a turn or a hard washout....either way it won't come easy is our opinion.
yeah, possibly. all i know is there was a pop yesterday about 3:30 central and traders said that Whiting was coming back online
Of little use now but the ES close yesterday was a sushi roll - 5 day reversal pattern. 8/18 high making this possible.