Wednesday, May 13, 2009

OIH


Above is a spy Calender idea. 


OIH broke its short term up trend line today on higher volume. I think that traders are starting to take what profits they have in oil. Crude futures hit a high on Monday of $60.07, which acted as strong resistance.  I set a bearish collar on the USO mid day today, and my GLD bullish diagonal did not get filled. I will be posting some more bearish/hedging position tonight. 

Tomorrow should prove to be just as interesting has today. My SHORT term forecast is for an inside day tomorrow and a big move lower Friday. 

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