Looks like Oil is going to Dump again this week and looking over gold it looks like that could dump big too. Get ShorTy!!
Seasonals for the energies, have often featured some strong downdrafts in the Oct/Nov time frame.
oil/gold/silver are all down nicely today as expected. Made good day trade money selling oil on the open last night and covering a full $1.00 lower. Not 100% sure of the path for gold and silver. looks like more down but for oil which I am following minute by minute, we will be breaking $55. Looking for a bounce to get shortty again. $55.90 would be a nice wet dream to short. not sure we can get that HiGH
The oil Dump continues. We are at $52.23 as I right this. Perhaps a move higher from here and then continue the dump later. Kind of sucks that options prices have moved HIGHER with this final move down. Hoping we sit here for a day or two so that I can buy. When oil was $0.40 higher, I was the bid on a few different options, now I am below the bid. Wonder what happens to calls if we drop another $1.
HOLLY COW I I was following the Jan 70 calls in wtic. They were 17 bid/by 19 this morning. Now they are 21 by 23 and Nov oil is only twenty cents off the lows, so clearly the price is lower. WOW. that is some move considering the price is something like $1.25 LOWER.
I would be grateful if oil did go down this weekend personally.
Out here in California over the last couple weeks I watched pump prices go from $3.09/gal to $3.61/gal (this morning).
First thing I did when I got to work this morning was check-in on the trade section here to see if anyone had posted what is going on with oil prices.
Big pRice gouging at the pump right now in many places!!!
I hope someone besides me made money shorting oil this week. At the lows today I was 17 BID for 50 on the Jan 70 calls in WTIC. I got filled on 1. Big Woops for me. F'ing one contract. Now we are 19 by 20. I tried. Still have so much time before a big move I just can not push it. Anyway, the decline looks like it has at least temporarily ended. I was looking for a test of $50.50 but we did get to $50.99 so I guess that is close enough. Gold and Silver did dump earlyh this week but no follow through for them. Happy Trading. . . .