Tuesday, May 5, 2009

pretty tight trading range still not a bad day


todays trading 

sold 54.50            bought 54.25 profit=$250
sold 54.30             bot 53.78 profit =$520
sold 54.15                  bot 53.80      =$350
totals                                                                         $1120-22.50 commisions =$1097.50

currently short again 1 contract $54.25 stop in place $54.50
as it breaks we will either cover at 53.75 or adjust stop to 54 to protect $250
As you can plainly see we have been leading from the short side as we feel we are at the top end of this Particular trading range-Also  yesterday's exuberance seemed to drag oil up by it's feet while it kicked and screamed the whole way
So we get the sense that if this market corrects oil will even more-One other point is oil trades
with a greater velocity when it does head southbound. last sale 54.07 1:49 up another $180
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