CL Redux

Quote from schizo:

Alright folks, I know that not all of us get along but you all need to chill out. I need not remind you that flaming is forbidden as it was explicitly stated at the outset of this thread. I suggest you channel your energy on discussing about the market and post some charts as well.
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sorry my man.
 
Quote from EON Kid:

We are going higher next week $82 imo


Have a good weekend all
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Although that is a real possibility, there's a greater probability for this market to form H&S pattern IMO. We're currently forming the right shoulder.

Just imagine the windfall you would reap should the neckline be breached. :eek: :D
 
Quick question: what's more likely in the face of macros news over the weekend? A melt-up, or a melt-down?

If, for example, Greece defaults over the weekend. What's more likely to occur? CL at 90, or CL at 70.

I'm buying some OTM option protection, just want to figure out which side to weigh it.
 
Quote from schizo:

Although that is a real possibility, there's a greater probability for this market to form H&S pattern IMO. We're currently forming the right shoulder.

Just imagine the windfall you would reap should the neckline be breached. :eek: :D
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The fact that we havent really seen a thrust to yesterday's high helps that cause, and it looks like we will settle with an inside day on the daily chart. I also lean to the short side, revised gdp numbers gave a pop but I dont see any meaninful momentum through resistance

How high will you let it go whilst staying short? 80-81ish?
 
Quote from heech:

Quick question: what's more likely in the face of macros news over the weekend? A melt-up, or a melt-down?

If, for example, Greece defaults over the weekend. What's more likely to occur? CL at 90, or CL at 70.

I'm buying some OTM option protection, just want to figure out which side to weigh it.
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It's more like down to 60. Remember that the crutch for CL at the moment is the economy, or economic recovery to be precise. Hence, the reason why CL and equity markets are moving in tandem.
 
interesting question heech,
as news broke on bloomberg Wed night regarding a potential greece downgrade, Crude started weak, and only got weaker as the night went on. We were down $3 by 9AMEST. I imagine the dollar rallies off it, and cl sells off with everything else. CL also appears to be in a series of lower highs and lower lows at this point to me. I tried and scratched twice trying to sell this rally this afternoon, thinking we'd break down...
 
I'm long 30 85c, 30 73.5p, 10 74p. Total cost $36200 (ex commissions).

I'll try to exit Sunday afternoon and limit theta burn. I can hedge as long as the markets are open... it's only these 48 hours that I'm nervous about. If people are interested I'll update people with my fills.
 
Closed somemore of my shorts today. Holding -2 over the weekend. If 8080 is not broken Sunday night will short further. Im little concerned that there could be a popup from the ny snowstorm
 
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