“Another oil trader trying to understand the politics of oil!”
Well, wasn’t today special? … last night’s opening call spread premium levels
in WTI Crude Oil at NADEX came in at around 90 - 92 cents … and you
know, with 5 cent bid/offer spreads on each side not including commissions,
that’s only 12 cents to trade oil … wait, wut? … yes, a real beauty of a market,
huh?
With support at 61 and resistance above 62.50, and the market trading right
at 62, you’re gonna need to see the market above 63 or below 61 to make a
dime … sorry, given today’s political news with China, I don’t think so. And
in fact, that’s what happened, with crude settling right around 61.70 at
expiration.
Maybe tonight NADEX can get their act together, but don’t count on it. We’ll
see what happens at the open. Until tomorrow mi amigos
… Onward & Upward!!
Have a great day everybody!
-vegas
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