i take it everybody is long at this point?
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Crude bounce.....
- Thread starter patbateman
- Start date
Heavily long in gold and oil. Using oil as a premise for the gold trade... I did have an oil stock but as I said, I swapped it into gold.
How can you tell you are in a bull market? I like to look for early sell - offs followed by massive rallies , sometimes making new highs....... that is what crude did today (thurs) after the nat gas number. It will not sell off hard........yet. I still say we go higher and test 71 dollars.
crude did the same thing today (friday).......sold off and bounced at theend of the day.
its definitely a hard call at this point...certainly some rejection of seller strength so its looking for buyers...it could also be indecision at the top of the hill?
Quote from EqtTrdr:
wonder if new crude ETF will affect price of crude???
I was trying to work this out too.
I assume each USO is 1 barrel of oil, so at about 1.2mm shares traded daily, that's about 1.2mm barrels of extra front month liquidity, or approximately equal to 1,200 CL contracts. That's a little under 10% of the daily volume in the CL market, so it's something.
Is this all additional liquidity? To what extent did it partially cannibalize the CL liquidity? I don't know.
CL did close nicely up 85 cents on Monday though.