Wheeee, down we go!
In yesterday's Live Trading Webinar we discussed the merits of shorting Oil (/CL) Futures at the $41 mark. We had already made a quick $500 shorting oil in our Live Member Chat Room early yesterday morning (and it was in our Top Trade Alert) but we're not sy about betting on the same horse twice and at 4:26 I said to our Members:
/CL back at $41 is back to being a short again below the line now that it's calmed down as I can't see EIA being exciting enough to justify – last week certainly didn't and Columbus Day is not much of a driving/travel holiday, is it?
As you can see, we're back to test $39.50 this morning and we'll take the money and run there as it's the 2nd green S2 support level so it's bound to be bouncy in the very least – should be a $3,000 gain for all our hard work!
Remember: I can only tell you what is likely to happen in the market and how to profit from it – the rest is up to you!
I noted another way to play for our Members as well:
Another reason I like shorting oil here is we're not far away from the rollover on the November contracts and December is very crowded with fake orders that NO ONE is going to want delivered so we could be heading for a nasty crash like we had in March, when there were way too many May contracts to roll into.