Crude's Friday close and Monday open.

Quote from Chagi:

CL Futures chart looks to me like a potential head and shoulders set-up.

Prices briefly peaked around $67 mid-August, then spiked to about $70 at the beginning of September (Katrina), then peaked again around $67 early this week.

Looks like $63 will be a key point of support? If oil drops sharply below that, I think that we could (finally) see a significant selloff in energy stocks.
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I think Ur right!!!
KaL
 
There is a rumor here (Toronto, Canada) that crude will spike up 30 to 50%, not among the trading community, but the average joe who drive everyday, and that even went onto the local TV station news program. There are drivers who panic and line up at the pumps to fill up their cars.

What are these people thinking?!

The only reason I can think of why the panic kicks in is that they already borrowed to their neck and very stressed in cash flow. As there are so many cars lining up as I saw that on TV, THAT is scary.
 
Watching QM #F right now, it's moved down and is now sitting around $63, it'll be interesting to see if $63 gets breached tonight.
 
Can anyone tell me the symbol if I wanted to chart the price of oil over 3 months.

I know I could make 3 charts with each future of that month but
still wonder if it's possible.

Thanks
 
Both good guys.

Thanks.

Hate to be greedy but any Real Tick users know the symbol in Real Tick ?

Tried symbol search but no luck.
 
Quote from Ebo:

@CL or @QM is the continuous contract on TradeStation.


http://www.futuresource.com/charts/charts.jsp?s=CLX05&o=&a=D&z=650x450&d=medium&b=CANDLE&st=
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Quick question, I'm very new to practical use of futures (though I understand their operation from a textbook standpoint), how exactly does a continuous contract work?

Is it something that is not delivered at any point in time and used purely for speculation/hedging purposes, or is it just a representation of near month futures contracts that are trading?
 
hooray for me btw for calling the oil trade, I'm still long my spoos from last wed. expecting a nice squeeze tommorow so i can dump into the close
 
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