Monday, June 1, 2009

Sale at 68 ovenight play will watch closely


There is reason to believe we might at least take a quick breath on this latest run-up in oil-As my loyal readers know I am not  a subscriber to the  top picking mentality but contrary to the short tradethat we actually made a profit on last week before turning bullish and buying and taking the ride from
62.95 up two points- Oil hung tough today but failed to reach my key 
chart point today which I had pegged at 69.08- roughly 35 cents short of the goal the rally shows the ear marks of running out almost ironically out of gas. We make the sale at 68 with the currencies fading If they are to turn again I will reverse this play and consider this yet another pullback
Either way Up  .15 cents keeping overnight stops tight at break-even




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