CL Redux

Silver , Copper up close to 2% , Gold up .5%
EURO up 130 pips

All are pointing to higher close for CL on this Long week end Friday and CL thinks it spent enough time below 100 , now time to catch recent Highs ?

Monday is Memorial day holiday
 
http://www.marketwatch.com/story/co...-momentum-in-april-2011-05-27?dist=beforebell

Consumer spending loses momentum in April
Adjusted for inflation, spending nudges up a mere 0.1%

Growth in both income and spending were revised lower for March. Spending was cut to an increase of 0.5% from the initial estimate of a 0.6% increase, while income was revised to 0.4% growth from the 0.5% previously estimated.

April’s figures came in mixed in terms of market expectations. Spending rose less than the 0.5% expected, while income growth matched the forecast of economists surveyed by MarketWatch.

Consumer spending is the single largest contributor to U.S. growth, accounting for as much as two-thirds of economic activity. Consumer spending slowed to a 2.2% rate in the first quarter, leading to a moderate 1.8% increase in gross domestic product.

When adjusted for inflation, the increases in April were much more modest.
 
That was a nice double bottom. I made money in ES and CL by getting up a little earlier and being brave enough to take the trades.

ES was a pure indicator trade with overall market trend. CL was more price action double bottom with thoughts that at almost zero interest rates and no peace in the Middle East, it should go up.

Both were long trades.
 
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