Last night I predicted that we would initially get a pullback in anticipation of the spending data
followed by a rally from the housing data the jury is out on thinking the API and EIA would cause a bit of pullback on the overnight-great trading opp as we chased aftyre the 70.16 low but caught it at 70.65 and sold it for another buck
A pretty good blue print for the member
One astute member commented that to truly make big bucks you need to commit yourself to trading it and designate a ton of hours to fully benefit in oil trading. Oil is global and trades according to currency and inventory and geopolitics and sentiment and systemically with the overall market sometimes acting as cart sometimes as horse. It has several trading cycles which occur but something can make the price of oil move dramatically at almost any given moment.
We are curently in the early stages of overnight trading calm before the storm
it seems almost pre-ordained to me that we retest the high of 73.38 on this run and if the EIA
cooperates that mark becomes a no-brainer.
The dollar is in a chasm apparently never to return and that alone is nearly enough to ignite OIl.
We also have ADP payroll data and I am leery of that but the majority of analysts are still warnin that we are overbought and unsupported by fundamentals so until they decide it is a buy only then will it be time to sell in earnest.
and drop an email chrgr06@yahoo.com to schedule
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