Crude bounce.....

[GlobalFinancier]

Quote from patbateman:

Did i call it or did i call it?

$1.75 isn't much.
Though my oil stock IS down 6%. Holding on...

 

[traderguy02]

Quote from patbateman:

Did i call it or did i call it?

YOU DIDN'T CALL SHIT......you're the thread starter...but i'm the thread owner...

Quote from patbateman:

wow, 2 days left in the week and my prediction is about to come true. June traded above 74 briefly today, but then pulled back before the close. Traderguy, there is no sense in fading me or this market. Crude has ended on its highs the last 4 days!!!! This thing is like Jerome Bettis coming at you 100 miles an hour. You get in front of it and get RUN OVER (by THE bus).

Quote from Trader273:

Just curious, do you see a top here? I'm still bullish.


-Nick

Quote from traderguy02:

I think we've had a nice run...pretty much uncontested for the past 3 1/2 weeks...it has taken a lot of money to push prices this high this fast...it will take even more to push it higher (higher cost per item)...you kinda have to wonder how much cash is left on hand after moving the market this far in a short amount of time...looks like we are going to have 3 balanced days...basically there have been no new highs in what was a moving market...oil can always react to news/reports as we know...but if nothing unusual happens i'd feel safe calling oil expensive now

Why are you bullish?

 

[traderguy02]

I think it would be nice to see one of those down $3 in a day sessions. We haven't had one of those in quite a while.

 

[GlobalFinancier]

Quote from traderguy02:

I think it would be nice to see one of those down $3 in a day sessions. We haven't had one of those in quite a while.

Keep dreaming, so far the bulls are the ones in control(not to mention we'd made the most money. Picking 4% tops isn't what we're in business to do, what we're in business in to do is maximize profits.)

 

[WAWTU31]

What is the ETF trading oil symbol?

 

[Aaron]

Quote from WAWTU31:

What is the ETF trading oil symbol?

USO, stands for U.S. Oil.

Aaron Schindler
Schindler Trading

 

[GlobalFinancier]

USO

 

[WAWTU31]

Thank you Aaron & Global for the symbol.

How close does USO track the trading of Light Crude and Brent Crude?

Can I take a long/short approach using USO?

 

[Aaron]

Quote from WAWTU31:

How close does USO track the trading of Light Crude and Brent Crude?

It just started trading. I think that remains to be seen.

Keep in mind that the USO price isn't going to track the price of oil. The goal is to have the <i>percentage change</i> in USO over the past 30 days (I believe) track the percentage change in the front month oil futures contract. That's a subtle difference but it means USO is going to move increasingly far from the futures price every time the futures roll to a further out delivery month.

There's a prospectus for USO available on the web somewhere that I've read. I recommend it if you are going to start trading USO.

Good trading!
Aaron Schindler
Schindler Trading

 

[WAWTU31]

U.S. gasoline supply falls for an eighth week: Energy Dept

SAN FRANCISCO (MarketWatch) -- The Energy Department said motor gasoline inventories fell 1.9 million barrels for the week ended April 21 to total 200.6 million. Supplies have lost a total of 25.3 million barrels in eight weeks and are 5.6% below the year-ago level, the government data showed. Crude stocks fell 200,000 barrels to total 345 million barrels -- 5.6% above the year-ago level. Distillate supplies rose 1 million barrels to 115.6 million. They're 10.6% above the year-ago level. June crude fell 48 cents to $72.40 a barrel. May unleaded gas rose 0.09 cent to $2.13 a gallon and May heating oil shed 1.01 cents to $2.048 a gallon.