Hey all,
through the trading day today we saw numerous bearish reversals. Crude oil was no exception. The 60 min chart Crude Futures suggests prices want to come back down after putting in a nice double top price pattern. The USO (oil ETF) does look potentially bullish but has not confirmed the bottom yet. Was today's reversal a failure at an important level for crude oil (and the broader market too)? Only time will tell, but it does make for interesting trading. I bought the Sept. 34 put on USO at .65. I would be willing to ride a small move higher from current levels but if the top is broken then I will exit at a loss.
That's all for this post,
Brian Beamish FCSI
The Canadian Rational Investor
the_rational_investor@yahoo.com
the-rational-investor.com
All appropriate disclaimers apply, DO NOT risk capital in options trading that you cannot afford to lose.
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