We've seen DEC drop 6 bucks from the 90 dollar zone the past few trading days. Looks like a sell panic hitting all markets based on Euro problems.
I would like to start buying crude again now that it's fallen back. Anyone trading it now? The 82-84 zone is on my radar.
I was just looking at crude thinking "$83.xx is too cheap". Might look at buying some USO calls tomorrow.
Crude ran hard back to 90 level! Now depending on all the speaking on jobs, etc tonight we may see some action.
Just went short at 90 -- while charts may show some goodness.....and hype over jobs from Obama(really?) ----- the elephant in the room is still here. Look for banking fallout to hit the news again.
I did end up buying a few USO calls on Tuesday and sold them yesterday for a nice quick scalp.
In the past few days, crude has been outperforming equities and other commodities and despite a rising USD. TF posted something from Debka a few days back about a potential conflict between Israel and Turkey. There was also something about a week ago regarding Iran moving its plutonium enrichment facilities deep underground for protection from aerial bombardment. Anybody hearing anything else?
I was waiting for a dip at yesterday's open to pick up some more USO calls, but I wanted $84.xx and it never got there before taking off. Oil is scary right now. I can think of a dozen reasons it could go up and a dozen why it could go down. Any major economic implosion and it could plummet. I'm not confident enough to do anything other than nibble here and there with USO calls and puts.
Notice the Higher Lows on the dips.
May add long on next dip........in preparation of it eventually breaking above 93. If it does it will run hard. If not, I will just do the range bound flip play.
and here is the dip. Holding off for now.....but bargain hunting season is near.
Picked up a few Jan USO calls when cruded dipped under $80 last week. We'll see where it goes from here.