Hopefully the trend continues..... the down trend in oil.. I took a short position against oil again I'm just day trading it... if it hits big, I'll hold some again.... But that was a nice 5 legged move it's a normal midday correction.... and this wasn't confirmed by moves in oil which after a small correction is still in a down trend.... If oil falls, expect a larger correction at 120
Thursday, May 22, 2008
Hopefully the trend continues..... the down trend in oil.. I took a short position against oil again I'm just day trading it... if it hits big, I'll hold some again.... But that was a nice 5 legged move it's a normal midday correction.... and this wasn't confirmed by moves in oil which after a small correction is still in a down trend.... If oil falls, expect a larger correction at 120
Agree. I have to admit that I'm impatient and disgusted with the lack of weakness in oil and gas.
ReplyDeleteI predicted DUG to rise 5% today and it's only up 1.7%. I'll be patient through tomorrow, but I just don't see this as demand driven.
I've said this before: how many recessions have ever seen strength in oil?
Seems good...
ReplyDeleteIt's hard to break the trend that has worked for 4 years...
"buy oil on any weakness."
Seems like it's working through peoples heads.
and the idea that it won't rally with the market.
but that is a very hot trade... big money could be made...
I'm more apt to ease into it over the next 3 months.