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That's because most don't believe they will jive with tomorrow's EIA numbers. My guess for tomorrow is about -5.3 +/- 1.5MM
Might be nice to get a big surprise draw *or* build, but I doubt it.
Nice. I was a little confused by your earlier post!
"...data shows much larger than expected draw in US crude inventory"
Nice little 20c pop from API...
Was just barely enough to close it today.This report cycle should help it move out of this range.
Easy 10% gains for the day.
Nice swings for both sides...finally some opportunities for spreads to pay a bit.
Oil Rigs:+3 to 768,US Rigs:-5 to 949
I'm a little surprised it hasn't hit already. Maybe Monday. Good trades on small swings so far, but going to wait for CoT report before major re-positioning.
Nice buying dip so far.
Double tap on $48.01...Might still need to hit the $47.50 range.
Makes sense...gotta be right!
You mean I'm not? hahahahah.
I wouldn't wan't to go back to having an employer...
UCO for life ;O)
The time machine is built in KSA.Looks like a rug.
UCO baby ;O)
LOL. As long as it's not you!
And right back to that $48.51 level. Crazy!
Safe to play swings in the bounds of the big spread.
I mean bounce UP from $48.58.
$48.58-looks like decent intraday bounce point to me. As usual, we'll see!!
Flipped for some U side too. Nice whipsaw action!
That was good stuff for ETF swings this pre-market.Still carrying slight bullish tilt.
Nice rise so far.Hoping this gets more interesting again today.
That plays a HUGE part. Now be able to calculate that through 1 WTI contract roll...or more(if need be) It does get more complicated for crude ETF options!
I'm not a student of option 'greeks'. But one should be familiar with concepts therein.
Ultimately, it does come down to understanding what is possible and picking the right (WTI) targets to make the most money.
That's like a mile OTM! Calculate what it takes for WTI to hit those UCO strikes... Gotta have a full grasp of the mechanics first!
I think you got the 'naked' term wrong. You're not selling options, right?
I can't offer to mentor trading options. I do that some with my brother, and it takes a lot of time when I do. And honestly, frustration on my part. I 'suggest' certain practices based on my experience and it's hard to 'make' people understand. I can't be responsible for what anybody else *does*.
How about don't think and just look? I'm not talking about massive rolls. I can make more daily than the decay.
...If there's enough chop,even that would be okay.
Anything but $49.20 for the next several weeks will do. Higher or lower is certainly better, though.
I don't think the news is having much impact.Data suggests short covering is mostly responsible for the rise in the last month, and unless MM abandons propping it up, it seems there's some upside right now.
Thanks,pleebs.Main thing I need is volatility!Big whips would be best, but just hoping for some good movement outside this range. Looks like you're on the right side of the trade right now, but as usual, we'll see.
My guess for tomorrow:Draw-smaller than API(-7.8MM),bigger than forecast(-2.7MM).
No luck needed. Decent draw on API. EIA should be fun tomorrow.
Betting on leaving this consolidation level. Playing swings/chop within the relative safety of a massive spread.
Not sure any of that matters.Playing the chop paid nicely today.Better than expected and more volatility than I could have asked for.
MM manipulation and report knee-jerk reactions up next!!
Playing the chop for now.Probably taking a slight bullish bias for now.Report cycle should be interesting over the next couple of days.
Good luck guys.
And nice whipsaw action to boot!
You're welcome and thanks.I'm not sure why some prefer to make technical and fundamental labels black and white. Neither should be ignored trading oil. I think of it more in cash and risk management terms anyway.
Heavy spreads from speculators makes me want to do the same.
Welcome back to the work week pleebs!