Was there any news that sparked the sell-off in Crude ?

Any news ?

 

Yes, they have discovered an alternative to oil, the troops are being recalled from Iraq as I type - it's all over the news!

 

Nah, they found a missing truck full of oil in the outskirts of Chicago!

 

The 3 day old "net" sellers of the CL contracts want to go into the weekend with some gap between closing price and their short position cost basis (they want some pad in place). We may see additional downside overnight and tomorrow as we get closer to the Friday close.

See what the CL does when THEY get off the bid - it is all a big game guys. :eek:

 

I have no idea... but it makes for a fantastic trading day. Maybe the clowns in congress talking about raising crude margins to 100%? I seriously doubt that type of bone-headed legislation would ever pass but don't put anything past the clowns in D.C.

 

crude was overdue for a pullback

 

Strange, this was not mentioned on Bloomberg ?

 

This is the type of price break I like to see after I get one of my cumulative delta signals - looks like the "net" short position I have been watching build up the last few days is now well in the money, we will see if the overnight and tomorrows day session will hold the drop or not.

http://www.elitetrader.com/vb/showthread.php?threadid=126763

 

I sparked one up and got crude, perhaps that what caused the sell-off.

 

How are you doing with your puts?