CL Redux

6E looks like it's gearing up for some more downside, it may drag everything down after the close.

I still like the longer term bull potential.
 
Quote from EON Kid:

6E looks like it's gearing up for some more downside, it may drag everything down after the close.
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Both CL and ES close at 4:15 EST today. Do you know when the curtain comes down for 6E?
 
Quote from saliva:

I'm a bit concerned, however, that 75 might not be the bottom. I'm of the opinion that there should be a selling climax before a reversal can kick in. There are still too many bulls masquerading as bears (such as myself) and we've hardly wrung their necks.
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Still no selling climax to write home about. This ain't no bottom IMO. We shall see how this market pans out next week. Until then, have a good weekend everyone.
 
Quote from bridenour:

Long 1 lot at 75.80



Going to stop scalping for the time being and start building a long swing position.

I shall buy one lot for each additional dollar it drops, and if she hits 70, i'll hedge the whole damn thing.


I will be shocked if oil does not recover by march.
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How many lots have you accumulated by now?

One thing good about oil is that you can average all the way down, because it will never go to zero. But you may have a long time to wait (for it to come back to your average entry price).

Will it go to $45 in the summer? just kidding.
 
I only have two lots. My average price on the two is 74.70, or something near there...


I also am hedging at this point with some USO puts.



If this SOB touches 70, i will pick up two more. Thats about the most i can handle swing trading without my heart exploding.

I'll hedge those too of course...but that will still leave a lot of room for a potentially nasty loss.
 
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