Monday, March 12, 2007

Crude Oil



I'm not sure what to make of crude oil. I've been bullish since the lows in January and I remain bullish, however I took off my long trade today. Last week I bought USO looking for a move higher but instead I see an "M" formation against me. Looks like a minor double top so I took the trade off at a loss. It feels like crude oil wants to retrace into the fib zone so I'll just let the pullback play itself out and look to buy again when I feel oil is ready to go back up.

I still believe the seasonal low for oil was made in January of this year. I'm just trying to play the short term swings by getting in and out which means I run the risk of getting myself chopped up if crude oil doesn't start trending soon.

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