CL Redux

Quote from schizo:

Half out 81.28

Stop pulled down to b/e.
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Stopped out. Alright, that's it for me. By no means a homer, but it has been a pretty decent day.
 
What do you guys see for tomorrow? I ain't so sure that we can hit 85 anymore. Today's PA looks downright bearish. Also don't like the way ES closed either. I would say CL will be either flat or drift lower for tomorrow.
 
Quote from schizo:

What do you guys see for tomorrow? I ain't so sure that we can hit 85 anymore. Today's PA looks downright bearish. Also don't like the way ES closed either. I would say CL will be either flat or drift lower for tomorrow.
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I agree. ES daily chart looks like today's res is it for a while. First pullback target 1122?
 
Quote from schizo:

What do you guys see for tomorrow? I ain't so sure that we can hit 85 anymore. Today's PA looks downright bearish. Also don't like the way ES closed either. I would say CL will be either flat or drift lower for tomorrow.
More...
Im seeing it testing support at 7970-7980 in general. I get the feeling that someone is really trying to support the cl market, there was no reason for it to pair its losses today.
 
Quote from schizo:

What do you guys see for tomorrow? I ain't so sure that we can hit 85 anymore. Today's PA looks downright bearish. Also don't like the way ES closed either. I would say CL will be either flat or drift lower for tomorrow.
More...

Definitely looks a little toppy on the daily and the ES has me thinking pullback on all the major indicies as well. Any clue what inventory numbers could be? Energy traders love to over react to those reports, who knows, we could have a 2dollar candle on tormorrows chart.

I probably wont trade oil until after the number unless we have some nice strong directional price action. If its wishy-washy at all in the morning I will stay on the sidelines.
 
One thing though, todays big lower wick on some decent volume says buyers have not stepped aside completely. The moves up were more profitable for me than the legs down. If anything I say we keep an 80 handle for a while.
 
Reasons abound as to why this market is bearish going forward, but here are three major, albeit simple, reasons why I think it is:

1) Head-fake around the left shoulder.

2) Dragonfly doji that closed below the line.

3) Hanging man or a long tail following the dragonfly doji with a relatively long wick is an ugly sign.

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Quote from Speciaul_K:

Anyone have the api #'s ?
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The market initially dived down to 81.11 only to shoot back up. By judging from what happened, I bet it's a nonevent, which means that any number coming out tomorrow will not make much impact. It will however rely on the overall market sentiment. I'm betting that there's a greater possibility that we go down than up. Nevertheless, we shall see.
 
Quote from schizo:

The market initially dived down to 81.11 only to shoot back up. By judging from what happened, I bet it's a nonevent, which means that any number coming out tomorrow will not make much impact. It will however rely on the overall market sentiment. I'm betting that there's a greater possibility that we go down than up. Nevertheless, we shall see.
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Got em
crude +6.5
heat -2.796
rbob -3.181
 
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