crude is now at crossroads.

daily candlesticks showing a hangman; weekly sticks showing a hammer!

200ma still pointing to 40.38.

with strong $, i tend to think it will go lower next week.

so, i keep my dwti, see what happens by wed's eia report.

if it goes even higher by then, will cut loss.

There you go... mere words of "production cut", bam..
Oil rallies like mad.

Yeah, same old same old, the do nothing.

NYMEX SEPT. WTI CRUDE FUTURES SETTLE AT $43.02 A BARREL, up 1.22, or 2.94%

if it can hold gains, that would be positive

This post has been edited by zacknistelrooy: Aug 9 2016, 02:36 AM

It's time to go back to $45.
Then, break out from this short term range: $40-$45, and onwards back to $50 again.

today so quiet here.

NYMEX SEPT. WTI CRUDE FUTURES SETTLE AT $42.71 A BARREL, down 0.31

As crazy as it may sound.. I think Crude wants to visit that 44-45 level again despite lack-luster view that yet-another-potential OPEC meeting may or may not translate into any action plan.

^VIX is below 12 again... all is the calm. Perhaps time to buy some protection.
Let see how high the general market will go for the next few trading sessions before bears prowling again.

Just waiting game for now..

This post has been edited by danmooncake: Aug 10 2016, 04:15 AM

curious....been waiting (this bear) too long....now many started saying bear will never come, bull will dominate....lol

besides, rate hike on its way (experts saying)...

This post has been edited by yok70: Aug 10 2016, 05:52 AM

Yes, it has been quite long. The truth is the real bear (a drop of 20% or more from the highs)
have been missing for the last 4 years.

The worst case was just a correction of 13% from November to February, and the market
now higher than last November highs.

Corporate earnings for past 2 quarters are sub-par and earnings growth been diminishing.

The market is rigged because the central banks (US Fed, BoJ, BoE, BoC, EU etc.) have been supporting this market for long time. If they don't interfere, I think we would have seen the bear market already.

this is true.

which makes it very dangerous when global bourses finally make a correction none of them can prop up anymore.

one thing happening again now, more so with "talk of opec talks", markets are driven significantly by oil price.

we watch tonight eia's report... may be a shaker.

ya...now is like continue giving drugs to a patient, while waiting for him to recover.....
the optimism is on if the waiting finally ends (aka world economy momentum finally returns via asia especially india and china) in near future, then market can avoid the big fat bear and continue to grow in stability.
well the negative bet could be the patient just recover too slow that running out of medicine....

never know, only time will time.

This post has been edited by yok70: Aug 10 2016, 04:34 PM

here we go. will the bulls keep charging?

U.S. commercial crude inventories rose by 1.1 million barrels to a total of 523.6 million for the week ended Aug 5, according to the U.S. Energy Information Administration. Gasoline stockpiles fell 2.8 million barrels.

Analysts expected the EIA to cite a drawdown of about 1 million barrels each in both domestic crude and gasoline inventories.

The American Petroleum Institute (API), a trade group, issued its own inventory data on Tuesday that showed a build of 2.1 million barrels in crude and a drop of 3.9 million barrels in gasoline.

..

Top oil exporter Saudi Arabia boosted its output to a record high in July, it told OPEC, in a sign that key members remain focused on market share rather than tackling a supply glut by curbing production.

Need more "OPEC talk" stories for the bulls to keep moving on despite bearish inventory news.

2 steps forward, 1 step back.. let push forward 44.

this "opec talk" is spouted from the small desperate exporters like venezuela, in very bad shape.

the big opec fellas like saudi and iran won't give 2 hoots but continue to grab market share.

i think it will take another long leg down like to 35-36 before all of them even get serious about freezing production.

XLE teasing me at the 50ma line here.. darn. I'm gonna sell that PUT here for ikan bilis meal here.

42 still fighting....

we'll see who's the winner in the next 30 min.

ok, tmrw... 40?

NYMEX SEPT. WTI CRUDE FUTURES SETTLE AT $41.64 A BARREL