CL Redux

Jan. 18, 2012, 11:53 a.m. EST
Oil falls under $100 after pipeline reports

SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned lower Wednesday, following reports the Obama administration will annouce later Wednesday it has rejected TransCanada's (NYSE:TRP) application to build and operate a pipeline from Canada to the Gulf of Mexico. Crude for February delivery (NMN:CL2G) declined 79 cents, or 0.8%, to $99.99 a barrel on the New York Mercantile Exchange. If built, the pipeline was expected to alleviate a glut in oil stocks in Cushing, Okla., the delivery point for Nymex oil.
 
Quote from BCE:

Jan. 18, 2012, 11:53 a.m. EST
Oil falls under $100 after pipeline reports

SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned lower Wednesday, following reports the Obama administration will annouce later Wednesday it has rejected TransCanada's (NYSE:TRP) application to build and operate a pipeline from Canada to the Gulf of Mexico. Crude for February delivery (NMN:CL2G) declined 79 cents, or 0.8%, to $99.99 a barrel on the New York Mercantile Exchange. If built, the pipeline was expected to alleviate a glut in oil stocks in Cushing, Okla., the delivery point for Nymex oil.
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Bastards, probably a load of bullshit :mad: . White House will probably deny.
 
Seems bullish news. Made a positive scalp on the news and then went long again on pullback to fib with confirmation to my special indicator and being able to get long around same previous price. Took the trade for a little extra profit and turned my $ 400 over night loss into a small profit today. Just wish I could hold longer or do multiple contracts when I am right. Ok, I know I may be over trading so that is last trade for the day.
 
Quote from oraclewizard77:

Seems bullish news. Made a positive scalp on the news and then went long again on pullback to fib with confirmation to my special indicator and being able to get long around same previous price. Took the trade for a little extra profit and turned my $ 400 over night loss into a small profit today. Just wish I could hold longer or do multiple contracts when I am right. Ok, I know I may be over trading so that is last trade for the day.
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I'm glad you are finding our sessions helpful and you are making good progress, can you please forward your address so I can send the invoice.

:p
 
Quote from EON Kid:

I'm glad you are finding our sessions helpful and you are making good progress, can you please forward your address so I can send the invoice.

:p
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I believe his address is on the moderator's invoice he sent us. Check again. :p
 
GM :)

This could be a sell the news day for the indices. They've had quite a run up. As I recall there is a lot of resistance on the Dow at these levels. Then as you say we'll see what happens with the EIA report.
 
Made this smaller. Here's a weekly chart for the Dow. It could finally break higher through these levels. We'll see what happens.

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