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It seems that there's been an effort to prop it up to these levels.ETF/ETN rollover to Dec contract is also supportive at the moment. UCO ends rollover today and other ETFs tomorrow...watchout for tomorrow either way. I'm thinking another test and breach of $49 level this week.
Could be tomorrow or after API today. Give it time.
Right on cue! now, is that gonna REALLY DUMP?
$50.73 neckline target first...
Cue the dump? oh, CUE THE DUMP!
Seems like something for manipulators to do because of the holiday report delay.
OPEC 'calling' for US producers to share in cuts.LOL.Rumor bought...sell the non-news!
Looks propped-up at these levels.tipped into backwardation as well. Cue the big dump!
I don't see a workable 'program' aside from playing like lifter suggests.
Certainly open to ideas though!
I've considered that. Just didn't want to have to chase it if I was too early. I'm not looking for more stuff to manage. Crude keeps me busy enough.
Just kissed $49.77 at the top of the hour. Maybe you'll get the hit after all. I'm still doubting much higher.
I think that ~9:45 EDT spike was it for the day. JMO. Low from 10/4 @$49.76 not even tested. Small retrace and consolidation today, if not further downward testing.
Oil rigs:-2 to 748,+320 YoY.US Rigs -4 to 936
Could bounce...or take another leg to mid-low $48.
Yes and yes. I always book some of the profits when I have big gains. In general, I try to keep about the same (maximum) amount (or less) at risk. Trading with your profits and increasing your risk when trading options is usually hazardous IMO and how most get into trouble or big losses when trading them.
Green is green pleebs! good work. Performance is more about percentages IMO and if it's worth your time! Have a great weekend.
But does it work for crude? How well did it serve you on 9/29, when signs of turning were already forming on 9/28 and pretty clear by 9/29?
I say treat it as a 'maybe' momentum indicator. It's consistently 'late' as a pivot/turn indicator with crude, IMO.
I you can afford to hold some of the puts and/or roll some...could be a good idea. Roll can be for more time too, if you have enough gains. Good luck and trade it well! Getting close to that $2 mark...
...and the drop continues...'Slow roll' protocol working nicely today.
Easy to say that I am now Not sure why you're confident on a 9 EMA daily read. As an indicator, it should be compared to either longer or shorter MA/EMA (IMO).
Dumpity, dumpity DUMP! Nice early move. Could be a -$2 day.
12:30ish dump would be nice!
Cue that dump!
Bought back some of 3x-7x gainers for 1/2 to 1/3 off. Would buy it all back *if* we go another $1 up.
Nice whip to trade! Good time to reload D side and puts.
Nice buying day so far.
Pretty clear, huh?
That's not 'big'.Not yet at least.If this level holds, down we go...
Nah. reaction done.CUE the DUMP!
$48, $43, and $39.
I don't trade the SVXY options. I do on other ETFs and ETNs
lol.Not quite a 'dump',but I'll take it!
Dead link?No other takers on your year-end prediction/challenge?lol.
When also considering Thursday's price action, it seems likely that short covering was done. Today is pretty solid confirmation.
Looking for hints that short 'fuel' is out. CoT report in 17 mins.
US Rigs:+5, Oil Rigs:+6 to 750 and +325 YoY
I think it's mostly capped in this range. Already showing a backwardation 'bump' in the Feb/mar 18 contracts. Otherwise very tight range across the strip. Less than a $1 spread between now and Mar '19. We're at or near the top.
I'd like to think so, but not quite ready to call for dump just yet.