“Oil traders at play on the weekend!”
Oil might not be trending anywhere, but it sure as hell is moving up/down
… caught in the tug-of-war, minute to minute macro events surrounding global
supply & demand, oil is responding with vicious and quick moves both
up & down … forget “long term” in this shit … what does that even mean?
… it’s simply minute to minute and who said what 1 second ago, either about
supply or about world economic conditions [demand] … and then it’s either a
train wreck lower or a melt up.
Directly below, this week’s 20 Day Range MA in WTI Crude Oil.
click on chart to enlarge
Range MA still hanging around $2, which when you consider it’s not really
trending anywhere, it’s amazing oil can keep this high of a range … and one
look at an M1 chart throughout the night and day, and there’s enough in here for
even the most inveterate gambler looking for “action”.
I’m always scouting the offshore brokerage community and keeping track of their
spreads in crude oil CFD’s … 99.9% are rip offs, despite most houses assertion to
the contrary, but at some point somebody is going to offer a competitive oil CFD
that is worth trading … this week sees us contact 3 houses on Monday which
have potential … I’ll have more news on this tomorrow … what we’re looking for
are 3 things; 1) accept U.S. clients, 2) “net cost” [bid/offer spread + round turn
commissions if any] to trade WTI and/or Brent of 3 cents or lower per barrel,
and 3) margin leverage of 100X or greater on these smaller oil CFD’s … three look
promising, and I’ll be talking with them tomorrow … the devil is always in the
details, so we’ll see what happens.
Until tomorrow mi amigos … Onward & Upward!!
Have a great rest of your weekend everybody!
-vegas
No comments:
Post a Comment