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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8936
Posted: Feb 22, 2010 5:00
Comments: 8936
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
Tho I have to agree with Dave's analysis that CL is looking like it has more upside than downside. You just have to look at the correlation between ES and CL to see if ES regains the 1340s handle CL will look for an excuse to rally to 110. IMHO I will look to be a buyer after todays inventory numbers especially if there is a large build at cushing and we get an o/extended drop in price
I am still long CL. You fade trends at your risk and often your peril. Constantly looking to fade a trend is typical of many retail traders but anyway I wish you gl, you might catch some further downside before it breaks that 100% level c.108.70's. Of course I could be wrong and the top is in but the chart is not telling me that yet.