ES Journal - 2019/2020

[Relentless]

CL looking good here on the basing for the continuation upmove. Staying long CL here for the long haul.

 

[Buy1Sell2]

Headed out for 18. No one wants to be short going into tomorrow so I look for a firming of the market into closing today. ---Talk to you soon---

 

[schizo]

I figure we won't break down completely today, but surely tomorrow. The litmus test is at 2800, which coincides with 50% and the major trendline (see below). If we close below 2800 tomorrow, this market is toast.

 

[SPYgrain]

I never knew a futures price could trade below zero?

 

[Relentless]

No one wants to be short going into tomorrow

Au contraire...

I started legging in short last week. Was looking to put more to work towards 2950 but I don't mind averaging in if that's all she wrote

 

[Relentless]

I never knew a futures price could trade below zero?

I was wondering if this has ever happened before with oil and if so how many times in history? Anyone know off hand?

 

[FriskyCat]

Someone better page Mr Magoo at Rinky Dinky Golf Club to tell him about his crude longs.

 

[syswizard]

I was wondering if this has ever happened before with oil and if so how many times in history? Anyone know off hand?

AFAIK - this has never happened before . This is an historic event.

 

[FriskyCat]

"But I thought it was zero bound".

"No sir, it's 37 below zero".

 

[schizo]

I never knew a futures price could trade below zero?

I was wondering if this has ever happened before with oil and if so how many times in history? Anyone know off hand

CME sent out a memo last week about this. I can't recall this ever happening since I've been trading some 30 years now. Anyway, May contract is the spot month so that's the price it will be delivered. Hence, there's a killer arbitrage opportunity if you can store the oil by buying the May and selling June.