Wednesday, September 30, 2009

Crude Oil - Rallies Over 5% Today



Last week crude oil was looking rather weak as it broke down technically. A few of you asked if I was going to short oil and my response was no. I've seen this happen so many times where the oil market looks weak but then the bull resumes and crushes the bears. September has also been a bullish month for oil so shorting during this time is very risky. I'm still on the sidelines right now in the oil market but will post any new trades I see developing.

2 comments:

Anonymous said...

Thanks for your comments , much appreciated. I am in the camp that believes this will roll over as we get passed the 05-06 of next month and then hopefully put in a tradeable bottom .

Mj

kbob said...

Yeah shorting it starting a couple of days ago really screwed me today. I thought the trend break below the triangle wedge pattern is a clear short signal, but today was brutal

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