Overnight session:
So far, not much reaction in crude oil, only down 49 cents at 134.87. It looks like all this talk was a non-event, although this could change once Europe opens. Watch that 135.09 level to see if it acts as resistance.
Gold 906.20 is an important number as well.
For the record, I am not interested in picking a top in oil, unless we hit the 145/150 area, 50 to 61.8% projection off May. That would put USO between 115 and 120. I might grab a short on breakdown if it looks impulsive. Right now, forget it. No trade.
Some heavy duty electric bills coming in next month. Not your usual month of June in So.Cal. Add gas above $4 and many are hurting over here.
So far, not much reaction in crude oil, only down 49 cents at 134.87. It looks like all this talk was a non-event, although this could change once Europe opens. Watch that 135.09 level to see if it acts as resistance.
Gold 906.20 is an important number as well.
For the record, I am not interested in picking a top in oil, unless we hit the 145/150 area, 50 to 61.8% projection off May. That would put USO between 115 and 120. I might grab a short on breakdown if it looks impulsive. Right now, forget it. No trade.
Some heavy duty electric bills coming in next month. Not your usual month of June in So.Cal. Add gas above $4 and many are hurting over here.
This entry was posted
on Sunday, June 22, 2008 at 6/22/2008 06:47:00 PM.
You can skip to the end and leave a response.
» Post a Comment