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;
9:08
"

TI tookout the Apr 13 low."
Reuters, "What's the next target for WTI?"
9:15
"
roughly 102.70 is really the next previous low, and corresponds with the.382 retrace of the 84 to 113 move"
Reuters, 
"What would the WTI target be after that?"
 9:18
"however if this is really a usd reversal thats still pretty high. (103)"
 9:24  


"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 a.m.it 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
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guywbishop@yahoo.com

Mike Korn  609-947-7556
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