Watch out for the backwardation. Oil has recently gone into steep backwardation on the 2013 and 2014 strips. Definitely something to keep an eye on.
So are we getting ch 2 or is that up to our imagination? I have always been somewhat curious what your background was. For some reason you seemed like the kind of guy that inherited money or started off with a high paying career in something else. Not sure why.
Classic Trade guys. All risk assets broke out, crude didn't. Lots of weakness, but no one knows why! This is what the Fish talks about.
seems like they took a bit of premium out of the dec13-dec14 spread the last couple days...was 4.50ish at the highs and like 2.50ish now...also didnt confirm new highs like outrights did
SPX 30 day stat vol broke under 10 today. And it's September! That along with the record number of bulls everywhere makes me a little nervous. Even Guy Adami is bullish. LOL.
Time to head for the exits soon if one is a position trader. Swing traders need to be cautious. Being flat EOD is the best sleep elixir. My local broker is advocating 60% cash in portfolio. This from guys who after a bad earnings report still happily rate the company a Buy. Still, we have not seen the madness of crowds yet.
http://slopeofhope.com/2012/09/diamonds-mashed-against-resistance.html a guy named chula close to the bottom of the page (9 25 am ) printed and excerpt from phil davis that explains the oil drop