Short 102.02 , add 3
Target 101.0
Target 101.0
CL Redux
- Thread starter schizo
- Start date
Thursday by end of the day oil may close below $100 , he is my thought process
1/ us don't want to take uni-lateral military action, Arab league/china/russia do not want
2/ Libyan protesters are not explicitly asking for help
3/ gaddafi won't do air bomb on people , don't want to trigger UN no-fly etc . He is worrying about how to get some of the frozen $80 billion
Above 3 groups pass Thursday with out much action
4/ oil big traders pushed up price 97 to 102 in 2 days , they take profits and push it down to 99 level and accumulate there by the end of the day so that they can push price back to 103 on Friday giving good 2 day up , 1 day down and up again
Friday everybody feel urgency to do some thing , that is where big traders push it to 103+ level
This can change if major thing happens on Thursday
1/ us don't want to take uni-lateral military action, Arab league/china/russia do not want
2/ Libyan protesters are not explicitly asking for help
3/ gaddafi won't do air bomb on people , don't want to trigger UN no-fly etc . He is worrying about how to get some of the frozen $80 billion
Above 3 groups pass Thursday with out much action
4/ oil big traders pushed up price 97 to 102 in 2 days , they take profits and push it down to 99 level and accumulate there by the end of the day so that they can push price back to 103 on Friday giving good 2 day up , 1 day down and up again
Friday everybody feel urgency to do some thing , that is where big traders push it to 103+ level
This can change if major thing happens on Thursday
Trichet mentioned "Strong Vigilence" in his press conference. One of his code phrases prior to a potentially near rate rise. See the following link:
http://ftalphaville.ft.com/blog/2011/02/03/478326/the-ecbs-code-words/
Made some nice cash as soon as I heard the magic words!!
Target 101.0 achieved
Good Morning. The ISM Services number is coming up at 10 EST. Obviously the employment numbers were the big mover.
Mar 03 10:00 ISM Services Feb
Briefing estimate 60.0
Consensus 59.0
Prior 59.4
Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1FY0iypke
Mar 03 10:00 ISM Services Feb
Briefing estimate 60.0
Consensus 59.0
Prior 59.4
Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1FY0iypke
Oil price is approaching double tops at 102.00 , 102.50 , good reversal short entries
Possibly 102.50 will be high R1 for the rest of the day , given we already had R2 at 102.90 level
Possibly 102.50 will be high R1 for the rest of the day , given we already had R2 at 102.90 level