Crude Oil unable to break the $50 repetitively over days and opening above settlement gave us a bullish bias. The buy line gap committed early, the pullback to fade was a beauty, and not much later the market raced to the 50.83 target.
EOD Current Positions:
Yesterday if you were listening to my plan a possible HOZ7 short which I was looking for at maybe the beginning part of next week actually hit my trading area today. Crude oil led the way for the energy markets. When crude hit a well-respected level at 51.21 all the energy market began to come off the upward move. The HOZ7 was shorted at this time for a position hold.
Other spreads such as ZC vs ZH and RBH-RBG are beginning to move more favorably. CLG-CLF opened up to steady +13 ticks and holding, NGG-NGF at parity after today’s report erasing the negative spread. ZO oats not moving up from the 247 pullback yet.