Thursday, October 15, 2009

Crude Oil Futures Break Through Resistance




If you go back and read my last post from 5 days ago, you will seer that I was watching the oil market because I felt a move was coming. Well, it appears that the move was to the upside as crude oil futures make an 11 month high.

I bought USO when crude oil futures broke through resisitance. I'm not heavily long this market due to the bearish seasonal that usually kicks in around this time of year. My protective stop is right below this week's low. We'll see what happens.

2 comments:

Anonymous said...

I am noticing a lot of the oil / energy stocks ( cnq, su , eca , slb ) are looking extremely tired up here ( even with oil going up over the last couple of sessions ) or would you feel opt exp has something to do with that ? . Would you not agree this can be a leading indicator that oil is about to roll over and go down .

tom said...

Kevin,

Since USO broke out to the upside,do you have a target in mind on USO ?

Always enjoy your Blog....Thanks

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