OIL GOES TAPIOCA

 

“What was heard around oil trading desks everywhere yesterday afternoon!”

“Well, that escalated quickly to the downside, didn’t it” … but here’s the thing 

… no follow through today whatsoever, telling me it was a stop hunt washout. 

Add to that the fact that CTA’s are 100% short in oil now, and today’s action 

makes more sense than just a “dead cat bounce”. 

Oil premiums today simply too high … I estimate you’d need to see about a 
$1.20+ range today to make any money from the call spreads available earlier 
this AM, pre NFP report. And once stock indices started their modest rally, 
oil shorts headed for the exits. Still, the technical picture in oil doesn’t look 
that great to support a booming price today … “who knows though, this is oil 
after all”.

Noon EST in New York, and things are slowing down … this day is over. 

Blog update Sunday night … until then mi amigos … Onward & Upward!!

Have a great weekend everybody!
 

-vegas

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