CL Redux

Quote from DarthSidious:

hmm. The Greek or the Europeans would have no money to buy oil, so oil would go down?
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LOL God forbid!

No, this ain't about supply and demand. Should Greece default, it will have a cataclysmic effect on euro, which will spin out of control and effectively kill the stock market. When stock market tanks, that is seen as negative on the overall economy, which in turn would drive the price of oil down due to, well, lack of demand. So I guess it is about supply and demand after all. :)
 
Hello friends - been reading and learning from the journal.

I'm stuck a substantial (for me) short position in April CL as of Friday's close due to a spread error, I'm not much of an outright trader.

Any technical outlook on how high we're going to gap up on the Greek bailout news?

http://www.reuters.com/article/idUSTRE62C0XT20100313

I'm going to try to cover the short position on Sunday's open, hopefully I can get them back within 50 cents of the close. Timing could not be better :(
 
Quote from brewtus:

Any technical outlook on how high we're going to gap up on the Greek bailout news?

http://www.reuters.com/article/idUSTRE62C0XT20100313
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The bailout news actually hit the wires yesterday morning, but the market's response seemed muted (see below). It's hard to say at this point how the market will react. It seems to be discounting all the negative news lately. If you're that much concerned about your position, I suggest you hedge by buying options.

BTW you don't happen to be the Aussie that I know or are you?

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Yahoo! Finance: http://finance.yahoo.com/search?ei=UTF-8&section=news&p=greece+bailout
 

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Thanks Schizo, looks like the Guardian broke the story first but it didn't get picked up by Reuters or CNBC until Saturday so it will probably get some play this weekend.

No big deal, I'll eat my loss on the open, not looking to "hedge" or turn this into a trade.

PS - I'm from the states, don't know any Aussie traders
 
Quote from brewtus:

I'm stuck a substantial (for me) short position in April CL as of Friday's close due to a spread error, I'm not much of an outright trader.

Any technical outlook on how high we're going to gap up on the Greek bailout news?
More...

Not sure what I saw today, but when updating NT charts build the CL was trading live (far as I could tell) for about an hour. Gapped down to 80 > 79.50 zone

Either my ninja platform got confused about daylight savings time, or someone rallied the USD = sold CL earlier today
 
Quote from schizo:

Whoa, you're right. It shows 79.65 as the close. My feed comes from ZenFire. Who's your data provider?
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here I went and opened up NT, copied my chart to upload and look what you did: beat me to it <lol>

same data on time, tick and volume charts. I watched the action live, by random chance happened to be building some CL and NG charts for Monday and there she went.

price action was illiquid wild... zipped up & down 30 - 40 cents faster than you could watch on the dome. No idea what that was all about, some type of settlement or offset I figured. Don't really care as it'll swing all around next week as usual, and we'll wrest our fat profits out of there regardless all else :)
 

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I just fired up my IQFeed connection, and didn't see any trades today. I'm really thinking that's a data error on ZF's side.

Actually, I don't think ZF provides historical data... doesn't historical data come from Ninja? That's why I use IQFeed, for quality historical data.
 
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