short 8700 ( and short )
CL Redux
- Thread starter schizo
- Start date
Slowed down here at the 50% level and triangulating.
Breakout pending.
Breakout pending.
1/ The People's Bank of China said in a statement on its website it will lower benchmark one-year lending and deposit rates by 0.25 percentage point, effective from Friday.
2/ <b>The move could ease concerns about a slowdown in China's economy, the world's second largest, at a time investor confidence has been strained by a deepening debt crisis in the euro zone and signs the U.S. recovery is fading. </b>
3/ <b> Dariusz Kowalczyk, an economist with Credit Agricole, said the move signals that "policy makers bringing out the big guns to support growth."
"The biggest impact of the move is likely to be on sentiment, both among businesses and consumers domestically, and in the markets," he said in a note. </b>
HSBC economist Ma Xiaoping said the rate cut could trigger a rebound in bank lending this month. Bank loans have been sluggish due to lower demand from borrowers.
But she added that the change to the interest rate bands "will have a much more significant impact" as it is the first step toward interest-rate liberalization, which "is at the heart of the financial reform agenda."
2/ <b>The move could ease concerns about a slowdown in China's economy, the world's second largest, at a time investor confidence has been strained by a deepening debt crisis in the euro zone and signs the U.S. recovery is fading. </b>
3/ <b> Dariusz Kowalczyk, an economist with Credit Agricole, said the move signals that "policy makers bringing out the big guns to support growth."
"The biggest impact of the move is likely to be on sentiment, both among businesses and consumers domestically, and in the markets," he said in a note. </b>
HSBC economist Ma Xiaoping said the rate cut could trigger a rebound in bank lending this month. Bank loans have been sluggish due to lower demand from borrowers.
But she added that the change to the interest rate bands "will have a much more significant impact" as it is the first step toward interest-rate liberalization, which "is at the heart of the financial reform agenda."
I wonder if any early longs were trapped on that up spike from support? I was prepared to enter long, but decided to wait on a pullback and for the bar to close. That paid off.
Considered shorting 60, but feared to be the victim of directionless volatility on the other side as well.
out 8596
Impressive entry and great trade.
What was the setup? Round number?
long 8600
I don`t think we`ll see a bottom in crude until ES is finished filling the gap below from yesterday. :eek: