Today the story is... never expect rapid turnarounds when it comes to such a huge industry. The report says inventories are double what was expected. I am not surprised. Wishful thinking wont stop a major trend like the supply demand world oil balance shift. In time demand can catch up but as I guessed the seasonal factors of usage combined with the ramping production around the world, especially here, will make it hard to sustain the rebound. Gaps are always filled they say and the latest one which had all these energy stocks gapping up had me looking for this dip. I am trolling for cheap units here today. First 300 about to fill at 17.65. Stay tuned! edit: Filled 300@17.65 Next bid will be 200@17.55
Took about 20 minutes and two partial fills but the second order was finally executed. Will it rise from here or fall more? There is 3000 on L2 bid at 17.51 but at the moment it is headed the other way. Volume today is not real high so I will wait a while here. I usually see the best chances in this mid-morning time frame. GLTA!
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