Discussion in 'Commodity Futures' started by hajimow, Mar 27, 2007.
It is up 1.57 to 64.5. Any reason?
CNBC says it's because of rumors Iran fired on a U.S. ship.
Poor 68.09 buyers
I have a program that talks to me when oil moves.
It was singing.
Did it spike that high today ?
Its on the chart. Could be a bad tick...but someone might bought it...poor guy.
Oh it happened...CL went from 63 bucks to 68.09 in fewer than 10 minutes, which is the biggest move I have ever seen, and in talking to those who have worked in the industry for 20+ years, it is the biggest move they have seen in such little time and on such light volume without any explicable reason. It came down almost as quickly as it rose, settling back to the high 63's before moving back up toward 65.50...allwithin a matter of a few short minutes. It went out around 64.50 area at 5:15 and opened in that range at 6:00 before trading down to 63.36 and is now trading at 63.85. A wild ride to say the least.
The reason is said to be conflict with the Iranians, who it was rumored launched a missile at a US Ship...it just took 10 or 20 minutes for the trading community to figure out what had happened. The White House and the State Dept. came out and said it is untrue (one said it can't be substantiated and the other said there was nothing to indicate it was true), but such an immense move would suggest otherwise. The market seems to be digesting this apparent rumor after the inital shock...once the real story becoms known we should move pretty significantly one way or the other (although the upside now seems to have much more potential than the downside in terms of magnitude).
I really just can't believe we went to 68 bucks in an instant--that was some crazy shit to watch...
Here's the T/S:
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