Crude Oil

[geo]

It’s all about the US dollar these days peons.

[KMeriwetherD]

Not exactly, Geo. That’s only one factor. To make my point here are two correlation studies. The one on the left is Nikkei futures vs. yen futures. As you can see the known negative correlation between these two is clearly demonstrated as the correlation is for the most part hanging around -1. (zero is the thick green line) On the right the study is WTI crude oil futures vs. dollar index futures…not a clear negative correlation… not ALL about the dollar

[KMeriwetherD]

@KMeriwetherD

@infinitybenzo… Are you still going short? After the report the price was volatile but it went up the to top of the downward channel and rejected nicely. I decided to have a go at it. (the oil inventory was bearish and the gasoline inventory was surprise bullish which is what drove the price up). Anyway, I bought SCO (@116.60) when CL was at 40.20. I am going to work with a very tight stop, Either this channel holds, or I’m going to bail. I will stop out if CL goes to 41. The target is 35.

Thank goodness for tight stops, discipline, and minding the charts. We are back to $46!