CL Redux

Quote from NoDoji:

Fortunately, CL will toss you out the window quickly (that one took just 2 minutes), so there's rarely the gnashing of teeth and wringing of hands that come with some of those grinding ES moves :p
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Very true -- the CL does a great job of letting you know if you are right or wrong quickly. I think that's one thing that has attracted me to it.
 
The API report was released yesterday showing a rise in crude inventory levels last week by 692 thousand barrels to reach 226.2 MB; whereas the previous week inventory levels dropped by 1.85 MB to reach 356.8 MB. However, we await for the EIA report to be release its weekly report today, where expectation show that inventory levels will gain 0.5 MB.

Looking to add to my long at 70 which would bring my avg down to 72.04. However once the spreads tighten up I'm shopping for a put before the report comes out.
 
I have been trying to not pay attention to fundamentals but why were expectations for the durable goods number as high as they were? Can't politicians tell these agencies, hey under promise and over deliver just like corporate America. Why even have expectations? Ok maybe I'm a little bitter because the put I wanted just got a lot more expensive :D
 
Quote from riskaddict:


Looking to add to my long at 70 which would bring my avg down to 72.04. However once the spreads tighten up I'm shopping for a put before the report comes out.
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Mr bear advises not to wait
 

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I just bought an oct 74 put for 4.58. If we go to 70 on sept contract i'll sell it and then decide if I want to add to the underlying or not. Worst case situation is a slow crawl higher, like that ever happens! So even tough I'm down over 2k on original long it was offset buy $1090 with two hedges. So where is break even? Who cares about breaking even I want to do better than breaking even! Would this be considered a plan? Oh yeah an exit strategy.....umm
 
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