CL Redux

Quote from saliva:

Up to 86 here we go.

It's been a day of utter confusion. {sigh}
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Who staged the rally minutes before the release?

That was a master stroke, it scared many shorts to cover and sucked in some longs at the same time.

That master stroke was surpassed by the miraculous rebound, despite the + inventory #.

Eye-opening indeed.
 
Quote from enochbenjamin:

got blown outta the water today - not a good way to start the new year. Holding (not very confidently) 1 short from 8350. But I might bail soon....
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It appears the momentum trade is in full force, so it appears they will keep it up into the job numbers on Friday. A better than expected number will let them continue the push. These higher prices sure won't help the recovery.
 
I am expecting the market to drop towards $80 within the next two days. Entered shorts in Feb around $83.20 with stops at $84.60 and Targeting $80.10.

The upswing today was expected but I wasn't expecting this much. What I had in mind was a max swing till $82.70
 
Quote from usman88:

I am expecting the market to drop towards $80 within the next two days. Entered shorts in Feb around $83.20 with stops at $84.60 and Targeting $80.10.
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Ok so some very important job news are coming tomorrow. Whats important here is that big famous names are actually expecting an increase of c15,000 in non-farm payrolls hence the weakening of over 100bps we saw today in EURUSD.

This observation in further strengthened if we look at the advance of equities and oil in the last 2 weeks. What happens when the job numbers come out to be better than expected tomorrow

1)Retail traders jump in and go lon
2)Funds and bigger players liquidate their long holdings
3)Coupled with downward pressure on EURUSD

market should fall, UNLESS the job numbers are extremely bullish

Now if the job numbers come out to be bearish

1)Funds still liquidate their long holdings
2)Retail traders also go short
3)EURUSD still falls(maybe after an initial spike) due to safe haven etc.

We may see an initial spike up in oil but eventually we go down.

In the short I see oil going down and have added to my earlier shorts around 83.10 stop once again 84.60 target 80.10
 
I agree with you. Im building a short position today/tonight

Quote from usman88:

Ok so some very important job news are coming tomorrow. Whats important here is that big famous names are actually expecting an increase of c15,000 in non-farm payrolls hence the weakening of over 100bps we saw today in EURUSD.

This observation in further strengthened if we look at the advance of equities and oil in the last 2 weeks. What happens when the job numbers come out to be better than expected tomorrow

1)Retail traders jump in and go lon
2)Funds and bigger players liquidate their long holdings
3)Coupled with downward pressure on EURUSD

market should fall, UNLESS the job numbers are extremely bullish

Now if the job numbers come out to be bearish

1)Funds still liquidate their long holdings
2)Retail traders also go short
3)EURUSD still falls(maybe after an initial spike) due to safe haven etc.

We may see an initial spike up in oil but eventually we go down.

In the short I see oil going down and have added to my earlier shorts around 83.10 stop once again 84.60 target 80.10
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Bit late to the party. Its gone from 290k to 262k open interest. Had 10 up days in a row. Has not retested the high from Wednesday. If it breaks 8260 today it might make it to 83. Good luck I'll keep adding to a short position.

Quote from BPtrader:

too many shorts in it.

a short squeeze will push it to 84 this afternoon.
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Quote from BPtrader:

too many shorts in it.

a short squeeze will push it to 84 this afternoon.
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I’m not so bullish but 82 level to gap close, is what I’m looking for



........MUAHAHAHAHAHAH :)
 
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