despite my sarcastic laughter (and entering short before the report at 91.40, and still short), I am thinking this may be the top. Those inventory #s aren't really supported by the distillate and gasoline very well. If you count the surplus of products, the report isn't -that- bullish considering how far we've come. Everyone remains still long. But what a lesson ...
Bias is only worthy when backed up by a valid technical pattern, otherwise you are open to DDs, sometimes massive DDs and it is really not worth it
May be the fed save the day for the CL shorts, who knows... So far we have a double top around 93.70 and a market pushing, anything can happen but i wouldn't short if the market closes above the prior high...
Excuse me, but a double top becomes double top when support is broken after a re-test, so far there is just a re-test, hence no double top, just a prediction
Fire in a oil refinery, fresh news: http://www.iht.com/articles/ap/2007/10/31/europe/EU-GEN-Britain-Refinery-Fire.php That fire + comments from the oil bloke + bullish pattern completing this morning. Almost forgot, gents, Oil is in an uptrend
Thanks for playing! We've got some nice parting gifts for you - a slightly used toothbrush and an autographed picture of Stock_trad3r for the missus, along with a "Best of Bull and Bear Analytics" DVD.