“Welcome to oil trading, Captain Kirk!”
Oil trading … ah yes, welcome to the “Twilight Zone” … if only Rod Serling
had been around to see what this market can do to humans, he’d have had a
field day in developing episodes for the series. Just looking at the last few days
on the daily candlestick chart, and there’s no making any sense of anything
… throw in some reversals and the “Flying Wedge of Death” [FWD], and no
position in this market is safe at anytime you’re in it.
Cuz of the Monday Holiday, oil inventories is today at 11 AM EST … market
literally treading water ‘till then, and oil hasn’t seen ± 30 cents in hours … so,
wait we shall. “Well, that escalated quickly to the downside, didn’t it”?
Another big inventories miss sends crude going “Thelma & Louise” … and of
course not helping, are the scumbag LP’s blowing the spread out to ridiculous
levels … even if you wanted to sell it, you couldn’t, and once the report came
out, bid/offer spreads ballooned outwards toward 7 - 8 cents on the CFD
… who the hell is going to trade that? Granted, about 20 minutes later the
spread came back to 4 - 5, but even that is no bargain … 3 - 4 is where it needs
to be, and so what we get is another example of LP greed for no reason … but
hey, we all have known for years they are the biggest thieves going, so what’s
new?
Now after 1 PM EST, and the day basically finished [maybe], where do you
expect WTI to go with an already $2+ range on the day? You really can’t
trade it in Asia or early Europe cuz the spread is too high, and you can’t trade
it when there’s news either … and if the scumbag LP’s won’t make a market,
you’re left with little choice but to walk away … and today, I walked away.
Nothing really left to say … except of course, let’s see if they can drag it lower
and extend the range from $2 … sure they can, and away we go! … daily
range now just shy of $3 here at about 2 PM EST … good grief. Can we just
get a decent spread for cryin’ out loud? C’mon Coinexx, don’t turn into
Turnkey!
Back at it tomorrow … until then mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
