Wednesdays before expiration (especially on FOMC days) are special days.
Volume is split between 2 contracts. We have stops getting killed on both sides of indecision, and then a lot of chop, chop, slam…. chop, chop, slam…. It reminds me of the old Duck, Duck, Goose game. Only this time, retail stops are left holding the bag and can’t find a chair or get a break.
The witching hour appears to be the hour going into oil pit close.
Old MacDonald had an oil farm, E-I-A, E-I-A, Oh!
With a stop run here and a stop run there,
here a stop, there a stop, everywhere a retail stop, E-I-A, E-I-A, Oh!
Wednesdays are Prince Spaghetti Day. They are also when the US Energy Information Administration releases its weekly petroleum status and crude oil inventories (except during holiday weeks). Check out the last 3 EIA news scam days.
Well, I just placed my third binary trade this morning, and I closed it a winner. So that’s 2 out of 3 – – not a terrible start. I’m obviously taking things very slowly. Poor old Butch and Dutch have had to put up with me, though, as it went something like this:
Not quite sure what grease has to do with Greece, but all instruments seem to be on edge today (and it’s Opex). May the good guys win.
Two very interesting zones have emerged as reference points on grease:
Don’t forget the Rig Count scam at 1300 ET.
Originally posted @TradeFlightPlan
If it’s true, I’d say bonds are (finally) positioned for a meaningful, sustained fall. I am particularly interested in the similarity of price action vis-a-vis the long-term Fibonacci fan lines.
Indulge me in a bit of a thought experiment.
Let’s say there was a fellow here in Palo Alto named Brad. He told me that he had invented the world’s perfect tiger repellant. He simply sprayed it on, and voila, no tigers would bother him.
This was intriguing to me, because I had, in turn, created a tiger attractant. My claim was that this invisible spray would attract tigers from several miles away.
The trouble was, my spray just didn’t seem to work. Try as I might, no tigers ever appeared. Not even once. Back when I was roaming around Indonesia and Sumatra, tigers would show up all the time. But here in Palo Alto, it just didn’t work anymore. (more…)