interesting read on shorts:

u r in the money.

now, >466.

everything going red...

dwti moving so very fast...

i go in now...

bears got hammered today.

tonight is one of those horror nights for oil bears.

dwti 467-362... $10 or 30% swing.

near closing, oil bulls frantically taking profit.

i'm 2/3 out.

keeping 1/3, see it can compensate tmrw.

oh what a night!

It could be another dead cat bounce.. but I glad it did too because it
headed back up to the resistance level.

If there is going to be another bad news for oil, I hope it happens again tomorrow for the weekend trade, we'll
head down again in the low 26's or even touch the 25's to scare the bulls again, I go long again. 

market is looking for any small reason to rally.

but really, there was no good news today.

can't say yet.

wait until open, then 3 am.

these 3x etf's demand a lot of attention.

and very risky to keep averaging.

better fast in fast out.

or do 2x, 1x trades - much more manageable.

i only hope to make 2:1 win:loss ratio over many trades.

Oh no. Did u leave it overnight?  That gap down was huge.. 

But, tell u what. I don't think this rally will last. Fundamentally, Oil still oversupplied.

The only thing that drives this rally is because it was so oversold - that why it is dangerous for
continuing to play shorts at this level.

actually, i also think that way.

what is impt is to limit the max stakes... and FIFO.

that way, losses are contained.

well, i've been thru hell too.

strong bulls all night...

no game, go sleep.

Somehow I think Oil is the leading indicator for stocks (SP500, Dow, Nasdaq) now. When Oil falls, stocks also fall and they all follow.  The majors (SP500, Dow, Nasdaq) shouldn't do that but because of all the "programmed" functions, they just do until they diverge out. At this moment, the close correlation is intriguing.

Yes, Oil right now, fundamentally is oversupplied - but then, what is the right price when it makes no sense to be so low anymore, right? Until all the producers decided to shut off their wells, then bam, we will run into undersupply and oil will zoom back to $100?  Sometimes, the market forces just overshoot to the downside and then overshoot to the upside again.

The demand for oil actually still growing but not as fast as the supplies are available. But, below $30, I think, it already too low to make sense to even pump for oil.  It takes more than $30 in more than 50% of the rigs world wide to make money.

Also, since Malaysia oil is off-shore, this is extremely expensive too...I think they are losing money everyday if oil stays at $30. No wonder, Msia govt warns of retrenchment in O&G sector. This year it is going to be tough.