CL Redux

EON Kid · May 10, 2012

Quote from Laissez Faire:

Reversed at the 50% level of the prior up swing here, but no real follow through yet.

If not higher from here, still feeling confident in the upside, Kid?

yeah, until 9660 gives, hopefully it doesn't spend to much time down here & starts building value higher. The rallies have been muted all weak, there should be a surprise soon

tomahawk · May 10, 2012

LF, fwiw Dow and SPX still have gaps to fill below. Naz is neg for the day while the other 2 slightly green.

Laissez Faire · May 10, 2012

Quote from tomahawk:

LF, fwiw Dow and SPX still have gaps to fill below. Naz is neg for the day while the other 2 slightly green.

So you think that will drag oil along lower?

tomahawk · May 10, 2012

Quote from Laissez Faire:

So you think that will drag oil along lower?

Kinda thinking that, plus CL hit res. @ the RTH channel top.

Edit: Of course if Dow and SPX fill their gaps (or don't) without much further downside on CL, then longs should be money. CL is hanging in right now @ 50% of the 1st up leg.

Laissez Faire · May 10, 2012

Makes sense.

You watch equities a lot for CL decisions? Or only on blatant set-ups like the gap fill below right now?

Laissez Faire · May 10, 2012

I still want to go long, but I think I need to see us trade at 97.05 first or make a more pronounced bottom slightly lower.

Laissez Faire · May 10, 2012

Stalling at the 50% retracement level again.

riskaddict · May 10, 2012

looking at 5 min anything above 97.20 looks like a sure buy with a break of this wedge we're in. Only problem is DX is also in a wedge on a bigger scale. You could also try buying at 96.80 with a stop below .60 which is obvious. I'm just pissed I unwound my strangle on Monday :mad:

I don't usually pay attention to MA's except on the daily and if seems like the way its churning around the 200 day this is accumulation. I thought typically if the 200 day was going to be broken if just gets cut through violently.

tomahawk · May 10, 2012

Quote from Laissez Faire:

Makes sense.

You watch equities a lot for CL decisions? Or only on blatant set-ups like the gap fill below right now?

Not always but yeah, if there's something juicy. Bottom line for today though is sentiment seems mixed/flat, so I will probably be wrong on my earlier statement.

Laissez Faire · May 10, 2012

May we finally see a runner here?

Starting to lose hope.

IMO, needs to take out 30 now. Then, maybe we`ll have a chance at the HOD.