Friday, May 6, 2011

Playing the Trumpet

Hopefully everybody was on the right side of that move yesterday. Crudewire had been putting out  bearish interpretations of the move up rather consistently. I have always contended that we were in the B wave up, the corrective wave , and that it would be followed by the C wave down.
From Thur April 28; Rbob High
From Tue May 3  Crude Trend Line
From Wed. May 4   WTI Update
and    Did the Dollar finally bottom?

Additionally, yesterday morning on Reuters Global Oil Forum, I made the following posts;

TI tookout the Apr 13 low."
Reuters, "What's the next target for WTI?"
roughly 102.70 is really the next previous low, and corresponds with the.382 retrace of the 84 to 113 move"
"What would the WTI target be after that?"
"however if this is really a usd reversal thats still pretty high. (103)"

"the 96.20 to 95.60 area , another previous low and the .618 retrace of the 84 to 114 move"

It did trade below that 95.60 target, at 4 hit 94.63.

You can get current intra day comments and great markets on Clearport options and swaps via I M's and the phone from myself and Mike Korn at Skokie Energy.

Guy Bishop  973- 462- 0005
guywbishop on Yahoo Messenger
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Mike Korn  609-947-7556
Skokie Energy 71 Deerpath LN Princeton, NJ, USA  08540

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