I try to avoid going in and buy anything right on the first bounce.
Crude Oil has risen nearly 22.65% from it’s lows of January, and rocketed higher nearly 7% yesterday, and traded higher than it has thus far in 2015, settling at $51.59 a barrel on the March Futures Contract (CLH15).
Anyone buying Oil longer term before today? Well, if you’ve bought from $44 I’ll simply say ‘congratulations’. But that is never any action that I want near. That’s just not my game. As I said before, I respect trends.
Strong trends I respect even more. I have no positions here, and it is only now that I am beginning to look at Crude Oil. Because as we trade now 3.81% from those highs we still don’t know what is going on with Crude Oil other than it is trading somewhat sideways from the beginning of the year.
Now after this first bounce? Yes … now is when I begin to keep an eye on it.