cover some 88.86
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
CL Redux
- Thread starter schizo
- Start date
cover some 88.86
This is a strong market. Today CME will probably report officially 320K contracts or so by the close, and we have a 160 tick range down bar for the day (if it does not surpass the high or low). In Wyckoff's words, 'lots of effort, very little result.' In my book this is very bullish. We settled above 89, and are well above the weekly VWAP. Four times sellers tried to break below the daily pivot and yesterday's vwap (both value), and all four times failed. If I were position trading, I would feel long still until we get down below the 87.00 area.
Quote from JoshDance:
This is a strong market. Today CME will probably report officially 320K contracts or so by the close, and we have a 160 tick range down bar for the day (if it does not surpass the high or low). In Wyckoff's words, 'lots of effort, very little result.' In my book this is very bullish. We settled above 89, and are well above the weekly VWAP. Four times sellers tried to break below the daily pivot and yesterday's vwap (both value), and all four times failed. If I were position trading, I would feel long still until we get down below the 87.00 area.
Nice analysis Josh Thanks. If dxy was not this strong, cl would have made an attempt to take out 91.50- which bulls need to take out to secure bottoming out process.
DXY above 76 is a big level, so basically traders seems to be waiting to see if this a dead cat bounce in dxy or a directional change.
Quote from mfbreakout:
Nice analysis Josh Thanks. If dxy was not this strong, cl would have made an attempt to take out 91.50- which bulls need to take out to secure bottoming out process.
DXY above 76 is a big level, so basically traders seems to be waiting to see if this a dead cat bounce in dxy or a directional change.
I also remember Jim Dalton saying when an instrument is trading solely based off an another instrument- he SOH. or trades with small size.
FYI, NYMEX has a moment of silence tomorrow for 9/11 10th anniversary:
"On Friday, September 9, 2011, CME Group will observe the tenth anniversary of the attacks on the World Trade Center. As a result, NYMEX/COMEX markets on CME Globex will observe voluntary moments of silence at: 07:46 CT/08:46 ET, 08:03 CT/09:03 ET, 08:59 CT/09:59 ET and 09:29 CT/10:29 ET. We request that all electronic market participants refrain from trading NYMEX and COMEX products on CME Globex and CME ClearPort during these moments of silence"
Thanks for the insight Jdance.
"On Friday, September 9, 2011, CME Group will observe the tenth anniversary of the attacks on the World Trade Center. As a result, NYMEX/COMEX markets on CME Globex will observe voluntary moments of silence at: 07:46 CT/08:46 ET, 08:03 CT/09:03 ET, 08:59 CT/09:59 ET and 09:29 CT/10:29 ET. We request that all electronic market participants refrain from trading NYMEX and COMEX products on CME Globex and CME ClearPort during these moments of silence"
Thanks for the insight Jdance.