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That's why I hedge!$52 this week wouldn't be unreasonable.
Good week to ask. But I doubt I'll post as regularly as I used to.
Shorts have been in a big covering cycle for the previous 4 weeks. All just as expected. Today's report has some interesting changes. MM longs and spreads made the biggest push up I've seen in 1 week. Gross longs up over 100k contracts and up only $1.27 for the report week. Last time they pushed up like that with only 85k contracts WTI moved up a whopping +$5.70.
OR spread big on options.
Volatility coming. Plan accordingly everyone and good luck with this new shift.
I didn't mean to include you in there. I used to post weekly on the subject, and I think it just encouraged trolling from a few people.
Nice thing about this week is that we can see how the peak got squashed on Tues. Would have been nice if there wasn't so much of a bottom wick on that daily candle, though.
That's what the CFTC CoT report is for! I stopped harping about it, because nobody seemed to care or listen.
Boom.$48.51 hit...right to the damn tick!
1:1 move gets us to $48.51...
$48.X by close?
LOL guys.New low for the day...
Perfect action. $49 cross?
Exactly.Real dumps usually preceded by good pop. Enjoy the rest of your vacation!
lol.Not so much right now! Daily candle 'dragonfly' for now. Dumpathon coming within the next few days.
Perfect time to...cue the dump!
'black candle' showing for UCO and long crude ETFs right now.
Of course.Pump-n-dump or Short-n-distort. Classic Goldman moves. Their recent calls for 'cautious optimism' for crude bulls make me wonder...
Exactly. Saw that earlier.
lol.Funny, LMS. I'm thinking the report number won't matter much today. Dumpathon no matter what. Trade well!
UCO :0(
LOL!
Meh.Not that big for this time of year. Good enough for me.
I think of it as more of a UCO 'hangman' now. Reasonable chance of the big pivot IMO. But as usual, we'll see.
Nice API reaction so far.Glad you're enjoying some time off!!
MM knows how to run those retail stops.
Beautiful.Takes out 4 days of retail exuberance! Maybe the 'gap' to close by tomorrow. We'll see.
Maybe low-$15/high-$14 UCO by the end of the week.
I can almost hear the(short)paper barrels FLOWING in!!!
Nice DWT day so far +$2.35 right now.
HAHAHAHAHAHAHAHA.Now to see if it lasts...
Maybe this round of weekly reports. MM positions don't always turn on a dime. Some fuel for covering from OR group. Gotta see if they're forced to cover next.
MM shorts still in covering cycle. All there in CoT report.
Unless you think we're headed for serious shortages and steep backwardation, prices are going to dump. Sooner than later, IMO.
That's an incredibly short-sighted view.
lol.The curve is flat, and you think what?
Generally, I don't think so on the build. Market expectation is for draws through summer.
Not sure what you mean about playing games.
We'll see! Looking good so far!
I wouldn't worry about one person on one board. My advice, though, is to never go 'all-in' with your first buy. And make sure you reserve enough cash to fix or buy out of any of your mistakes. I hedge for when price action goes against me or if I'm just plain wrong.
Good luck, and trade well!
Gap up in WTI looks promising.Good luck tomorrow!
Dump-a-thon. lol.
This move has been propped up by more than 115MM bbl worth of MM short covering since 6/26. Paper barrels for sure. But what happens when they put them back in? lol.
When it does, my advice is not to sell this one down too soon.Could be today, or even a week though. Good luck either way.
It's just a lagging indicator of price action. Wouldn't worry about it too much either way.