CL Redux

“The economy looks better while the news from Libya is lousy,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “This is a very bullish combination of factors.”

http://www.bloomberg.com/news/2013-08-01/oil-climbs-to-one-week-high-as-economy-improves.html

Was able to make money on a short term scalp today on the long side, yesterday was more BE since I was not able to leave trade room to breath and was having internet issues. I don't think I will trade Friday.
 
http://www.marketwatch.com/story/us-stocks-slip-from-record-highs-2013-08-05?siteid=YAHOOB

I got stopped out twice on a short when I did not put the stop far enough away to let trade breath. I then went long thinking I should have had a long bias but it was after the market made a double top and was stopped out again.

I was down $ 300 so was going to call it a day to avoid a massive loss when I saw hawkish comments from the Fed reserve. I saw one more good place for a short trade and took it. I was thinking with Lybia increasing oil production and these comments we could get a better pullback. The market had bounced up off of a LL, being able to make a LL is a good sign of bearish technically if it supported my thoughts on pullback. ES had also fallen a little not that it really affects CL much. So this time I had a wider target and was able to let the market fall towards it. It did not hit but I then moved my stop down and was this time stopped out for a profit which erased my losses for the day.
 
Quote from ammo:

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I looks bullish for a large swing after yesterdays low. If this morning shakes out a few bulls to 103 it could be a great long trade for 107 or 110
 
i dont know how anyone can hold a short position right now.. the risk is to the upside and this can go higher on many things.

situation in egypt
equity markets break up - for whatever reason
any strong economic data - europe growth/ china production
commodity rotation
inflation risk -metals already moving up
momentum
technical set up

holding short over the weekend will require some balls- good luck
 
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