Sunday, May 10, 2009

a little disappointing start to the week

We moved offer price to 58.60 at 930ish but still missed out after the double back of the futures and oil traded up to 58.48 then dropped down to 58.06 had we not had been head-faked by the futures we would not have gotten so pricey instincts to be selling opening was correct but could not get in now chasing is a bad rookie mistake. Back to the drawing board  look to emails in the AM- For next entry point we are in a bullish cycle just the top of a new buy channel so we thought oil would pull back for a moment it's not going down easily but it just broke 58 maybe that was bad data coming out of bloomberg as the showed the futures up then down by the same amount the very next churn it wouldn't be the first time- But a quarter point higher than than the previous close is close. and then having it tip up to .48 after we dropped our offer to .60 again tantalizing but the overall trend is up so we are now going to look for 
our next entry point pssibly from buy side if it drifts much lower.