Unrivaled Performance In Bull And Bear Markets. FREE TRIALS.
|
Stops hit on CLZ9 at $69.65. As we indicated yesterday, it was a very short term trade and we managed it successfully , almost perfectly.
Our thesis has not changed and will look to reenter the trade on spikes up with tight stop
We have additional shorts on CLZ9 from 71. 70 and 71.44. Now CLZ9 is at 69.69. If you went with UCO , you should have additional shorts from $11.65 and 11.45.
Consider tightening stops to lock in profits
Oil has moved higher today while our fund flow analysis still leans toward the short side. Moreover dollar is stronger. Consider continuing to scale in short positions on spikes up, but keep tight stops.
The other impetus for rise in oil today is pessimism surrounding nuclear talks with Iran. It appears this pessimism is unwarranted as Iran’s stance seems to be softening.