Now Reading
Crude Awakening 2012
22

Crude Awakening 2012

Crude Awakening 2012

by The MoleJanuary 4, 2012

I have rarely seen such a boring start of the year and until we see a decisive move there’s really not much to talk about on the equities side. The tape shows characteristics of very limited momentum/participation and that in itself is unusual for early January. Hey, don’t complain to me – I don’t make the tape, I just report it. Whatever you do – treat carefully.

Meanwhile let’s direct your stretched attention span to crude which has finally reached its short term target potential. We may push a bit higher but the easy money is over for a little while. At least on the short term side – long term the picture looks a bit different:
[amprotect=nonmember] More charts and cynical commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
[/amprotect] [amprotect=1,13,9,12,5]

Seems to me crude still has long term potential to push into 110 (per the weekly) and perhaps even into 120. If we get there I’d love to be short once we see signs of a topping process. Hey Iran – how about a bit more saber rattling on your end? Threatening to close the Strait Of Hormuz is a good start – but why stop there? The financial MSM is not doing their part either – I am only seeing a scare report on Iran’s intent on starting WW3 every hour or so. How’s an evil speculator supposed to make a living? Besides, I really do not pay enough at the pump just yet – $3.75/gallon in Los Angeles is for pikers, I’m sure folks are looking forward to being squeezed a bit more toward summer.

Anyway, in the meantime it’s permissible to think about a short position here but don’t overstay your welcome – watch the hourly panel and be out if it runs into anything resembling support (i.e. NLSL, moving average, bollinger, etc.). As I said on a medium to long term basis this beast is probably going to push a bit higher.
[/amprotect] Cheers,

Sign up here to receive my FREE early morning briefing:

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c
PayPal: https://paypal.me/evilspeculator