Friday, April 3, 2009

you might have missed the entry point so be patient

I told you  guys yesterday about the resistance in the 52.87 area it broke through all the way to 53.20 and was obviously an awesome entry point for a short. This irrational rally off a missile crisis is kind of surreal. And CNBC comments another trader pointed out in his publication rings 
funny- I believe news does get out ahead of us many times and this was more than just a verbal blunder anyway they said the NFP was going to be worse than expected- When it is not even out how can it be already be worse. we have to be flat this weekend missile posturing is absurd but obviously seems bullish for oil and seems to trump all else when in effect oil broke back through 52 so if you did not get in short you might want to wait- I am bearish and short with 
a lowered stop right now so I really don't want to suggest going long but it just may go back up
For anyone following me closely and took the initiative as was able to sell in the 53 congrats  and lower your stop I dropped mine to 52.05 I will take the $900 and try to resell but I am staying short and seeing if this thing can drag itself down with these worse than expected numbers