I’ve pointed out in prior videos the incredible similarities Alcoa (symbol AA) has been painting on its chart recently compared to the prior peak in 2007. This is continuing to play itself out beautifully, with the prospect of much lower prices to come not just over the next few hours, but perhaps years:
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.