Thursday, July 10, 2008

Crude Oil Spike



I wonder how many shorts shit their pants on the close in Crude Oil. If I was short on that trade I would have had a heart attack.

For all you bulls, you can thank LEH for the afternoon rally.

The intraday trends in LEH look awesome to trade.

On Suicide watch we have LEH, FRE, FNM, LM, and C to name a few.

GS has been holding up relatively well. If GS breaks to the downside, prepare for all hell to break loose. When even the best is getting sold, you know the market is going lower.


CME is at its 61% Fib retracement. If we don't bounce here look out below.

3 comments:

Bluedog on 2:44 PM said...

Suicide watch, that's good! lol. I never expected CME to get this low (glad I sold at $435). ICE and NYX are also looking horrible. Once the Feds decide not to increase regulation of futures (particularly oil speculation), they should pop.

Anonymous said...

you know we were joking around and I asked 'do you really think we'll hit 10,000?' like a week ago..

well we're only a few hundred from the 10,000 range now - I'm starting to think we'll hit it lol.

HPT on 8:48 AM said...

Anon, According to the cock and balls pattern, we still have room to go to the downside. I can't believe we haven't bounced yet. For some reason, I think OPEX is going to be a significant day. Wait until next week.

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