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Pump or Dump...Let's GO!!!
Danger when we all agree, though! +/- $1 from here and I'll be happy.
I think we're sitting on it right now....paddle, paddle, paddle!
Hit the upper side target already@49.30.Was doubting that $50 would be hit. We'll see!
Rolled everything forward and tightened up on spreads. Something is gonna give...
Good call LMS. Still looks mostly like Big Shorts covering to me, but I won't know until Friday for certain.
Strong enough move to roll insurance positions and take +350% and +100% gains. Good way to be wrong for me. Not gonna be unhappy if I'm wrong about a hit on $50 either!
That's why I hedge! Shorts did have a HUGE position to cover. I'm suspecting that's all this is. And a set-up into this report cycle. Good luck to all!
Big resistance,IMO. Trendline from 8/1 peak looks pretty clear to me. Initial Harvey impacts to show on Wed/Thurs on the holiday report cycle. Expecting opposite effects for Gasoline vs Crude.
lol.$47.33 hit just before NYMEX close.Good stuff.
Meh.Never any action from rig counts.No change at 759 today.
Friday before long weekend seems to be putting a damper on everything. Just consolidation for now. We'll see what the WTI close brings.
Yes, yes, and yes.That sounds right, but don't let short term over-rule larger timeframe trends.
I can't claim much thinking actually goes on here. I think CoT reports help me put on the right near term trading bias. I read charts like many or most who read charts. We all know this market is manipulated. I just try to read it that way.
And cue the dump!
Yup can't be right all the time! But I was expecting rejection to come from WTI at $47.33 looking at the chart last night. $47.27 will do nicely *if* that is to be the high today.
This move up is without any real strength IMO. Good chance of more whipsaw ahead!
Still expecting downside! Cue that dump!
Gonna be a good day for crude bears!
I think it's coming. -4% move on WTI would be nice $3+ move for DWT.
$45.50 and $45.1X targets for the day.
And I know you didn't mean to $50 in a day!
Absolutely saw it. My guess is covering/profit taking/closing positions for the almighty month closing balance sheets. People in finance have to show that they are making money every month...
I'm thinking: cue the dump.
$47.47 high.Close enough to $47.50 prediction! At least for me!
More so in the afternoon...$29.30 hit
I'm doubting $50 in any near-term sense.Today definitely looked like a short term up, but setup looks longer term down, IMO.
When you have time, look at the last trading day of every month. Look at it in context of the monthly candles.
Glad I rolled for some weekly protection too.All out of this week contracts now.
Green is *always* good! End of Month shenanigans definitely in play with this spike.
DWT on sale this morning!
And interesting it is today!
Here and maybe up to $47.5x or so.GLTA!
Wow. Unusual dip A/H. $45.59 hit.
Mostly looking forward to next week.Holiday report cycle so the data will be delayed *another* day...plus the T+2 revision will allow me to cycle cash faster when I trade the chop. Would have been useful in the past few weeks for me. And even today, relatively low on settled cash.
Nice. Good little swings for us today. Was willing to chase it a bit if there was more WTI upside.
Good stuff so far!
You're welcome! I've been a longtime critic of T+3...very glad it's changing!
Didn't save it.Was posted at the SEC site (I think) back in March or April.
Target just over $47? Maybe as high as $47.65? We'll see.
Can't wait for T+3 to go away next week. Great news for all markets to have shorter settlement times to T+2!
Good timing, I think. Picked up a little, in case it whips back down. I have some expectation of short covering and potential for WTI to grind higher after that post report bounce.
Exactly, and why I've been waiting to take action...