Long Oil @ Open

SethArb · Aug 27, 2006

whew ... I made a few hundred ... not much really in QM tonight

going short ... but am a tad long USO ( oil ETF ) from friday so
that will eat into my profits if we open way lower

broke even trading QG ... that sucker moves like a bucking bronco
will try not to touch it in future

5Pillars · Aug 27, 2006

Covered 1/2 my ES position @ 1297.00 will cover the remainder @ 1296.50.....pretty slow tonight so far.

chlawfirm · Aug 27, 2006

Quote from Jayford:

I'm looking to do the opposite, not right at the open though. Needs some more upside hurricane paranoia, then its going to get way overbot, which in my opinion, is a market that shouldn't be in the 70's in the first place. Short of a direct hit, or some terrorist activity, I am in oil bear mode.

You must be an idiot to short oil lol

5Pillars · Aug 28, 2006

Covered last 1/2 at 1296.50....flat and done.

onlytronalso · Aug 28, 2006

Crude remains in a downtrend from the recent highs.

Arnie · Aug 28, 2006

Quote from chlawfirm:

You must be an idiot to short oil lol

Or maybe he is just a shrewd trader. No one was willing to go home short over the weekend. Now that it looks like Ernesto will completely miss the gulf, going short looks like a smart play.

Nasdaq5048 · Aug 28, 2006

Quote from Arnie:

Or maybe he is just a shrewd trader. No one was willing to go home short over the weekend. Now that it looks like Ernesto will completely miss the gulf, going short looks like a smart play.

Successfully picking up nickels from a steamroller. Smart play? Maybe!

Nasdaq5048 · Aug 28, 2006

So, how's the long oil at the open? Still hanging in there or margin call already?

S2007S · Aug 28, 2006

buy USO, there will be some excuse as to why oil will go higher in the next week or 2 and oil will be trading back at $73+ a barrel. Anytime oil has come down this far and fast it seems to bounce higher. It could touch $68 but it will not stay under $70 for long.

Jayford · Aug 28, 2006

Quote from chlawfirm:

You must be an idiot to short oil lol

I did just fine on the short side today. Markets go both ways BTW, and I trade em from both sides, regardless of long term trend. I am primarily a day trader so I could care less if its a freight train one way or the other. There has been some GREAT down days recently, and will be again. Been really good up days as well.

This is a good day trading market. Has been since it went electronic (minis).

Jay