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Buxton ND | Nothing has changed since my post Monday morning, except stocks/products are higher,dollar is higher and crude is trading at its lowest level since the end of January. All this would make me nervous as a long tailed cat in a room full of rocketing chairs managing a fund that heavily long crude..... I think some of these fund boys have been expecting stocks to back off as the drill rig count has been dropping sharply,,, to date this HAS NOT happened. Again the cats tail.....
Contract low 43.58
Lowest daily close 45.89
Lowest week close 45.59
Today's low was 46.68 not far from the levels above.
Crude needs to trade up and away from this level before we near the close of Friday.
Its NOT a fun feeling being on MORE MAJOR margin calls over a weekend*****
If it looks to end the week on a new closing low, long traders may just start throwing in the towel.
When I say nervous traders,,, the money flows back me on this.....
I will stick with my $39.97 target in crude.
I picture is worth 1000 words here.
Gotta go back over 20 year to find larger crude stocks. | |
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Crude round 2
