CLX7 Topping Out?

Quote from Aaron:

I'm thinking today was the blow-off top and tomorrow morning when the Turkish Parliament approves an Iraq invasion, we'll get a sell-off in a buy-the-rumor, sell-the-news reaction.

I'm not too worried about that pipe line. It's in neither the Kurds nor the Turks interest to see it disrupted.

If and when we get a Turkish invasion, we'll get a powerful but short lived spike higher in crude ala Israel going into Lebanon. Exercise for the reader: see if you can play this spike on both sides.
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The Israel Lebanon deal was the peak $78 price in 06. Wonder if history will repeat itself.

There's one big difference w/ respect to market fundamentals this time: notice the backforwarding on the calendar. Last yr, the market was in contango (less bullish).
 
Quote from scriabinop23:

ahah... who wants to 'take one for the team?'

:)
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Just call your local oil market maker, tell him you have a GOLDMAN SACHS account, you want to to perform a give-up trade and ask him for a 100.000 lot quote ! You´ll see, he is going to be pretty "nervous"...
 
Crude runs like these tend to mark tops with a price spike. This is why I am not reentering the short side just quite yet. With CLX trading at 88.60 now, there is a good chance that we will see a very quick move to 90 imo. This time period in energy reminds me of the last top in Crude right near 80 when the media was talking up 100 CL. The ride back down to 50 was spectacular nonetheless...
 
Trying to sell again right here @ 88.80. Very tight stop just over 89 though.. Upside momentum looks to be waning imo...
 
Good luck with your trade, Realist!

Keep in mind that the roll from Nov to Dec crude is already in progress and the last trading day for Nov is Monday.

Aaron Schindler
Schindler Trading
 
Not many things are guaranteed in trading but I think it's a fair bet to say that Nov crude trades above 90.00 overnight and i imagine the most pain would be inflicted if we settled above 90 on Friday rather than below.

Who wants to be short crude over the weekend? If dollar gets trashed on sunday night crude is gonna fly.

edit -Putting my money where my mouth is: Long Dec crude from 88.10.
 
Quote from The Kin2:

People who are short oil are so easy to spot. LOL you too could have made money if you longed oil. Nothing else matters anymore.
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Dude, just stop and go away--you got lucky. You are acting exactly like stock_trad3r, and that is no compliment. If you're making money that should be enough satisfaction, the needling and posting nonsense on your own thread that no one else will touch speak volumes about your character.
 
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