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Buxton ND | Would it be fair to say Jon's been on the bullish side of crude for awhile and just leave it with that ? Without digging up any old post to see WHO predicted WHAT and WHEN ?
How bout we look at the nuts and bolts of crude $10 rally ? The question is will OPEC have a special meeting to cut production or not ? If they do say they'll cut production will they ACTUALLY cut it ? My self from my very little corner in North Dakota I don't think crude been low enough/low enough yet. BUTTTTT I'm no longer the BBB the "Big Bad Bear" and go going neutral/range bound trade and watching the "tug of war" between the spec money longs and shorts.
With that the numbers,
8-25 spec money was net long 216k (all time record summer of 2014 @ 455k
9-1 net long 220k
So 4k of net buying for the week (that's not alot) the week meaning the WHOLE $10 rally was within the 5 day reporting period.
We had 14k of NEW longs, 10k of NEW shorts giving us the 4k net change from above, SO FAR its a pretty fair tug of war.
I made a post last week about a MASSIVE short covering rally, I was WRONG and this is a odd rally,,, given the $10 move I would have expected bigger numbers on both the side. MORE new buying and a PILE of short covering like 30-40k of short covering,,, NOT 10k of new shorts. | |
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Tug of War
