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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)
Crude too wild for me this week.
ES day session retraced up 12 handles from the cash open while breadth was well neg and $VOLD trending down with no rets whatsoever. Sure sign for fake move up in price. The high made at 1334.50 met the 127% sym ext expected (1333.40). From there the inevitable reversal never looked back more than 3 handles. Nice 20 handle short trade with no sweat watching the trend of $VOLD/$ADD.
At the moment, I'm on the sidelines. I started shorting CL around 93 - four weeks back - all the way back to 85 (believe me, ONLY a few days ago!). The commodity is experiencing a mood swing at the moment (since my last post last night...we're up by $3, to add to the already $5!).
It's one of those markets where if I go long, it'll drop by 3, if I go short, it'll be up by 3, and so on...
When things are clearer in a week's time, there will be ample shorting opportunity in CL...
Asad