The One That Got Away
Unfortunately there is one chart I somehow forgot to post last night. Which is a shame as it was one of my favorite setups: crude.
I grabbed the March contract near 50, just above the NLBL and the 25-day SMA. For some reason the chart fell through the cracks and when I saw it this morning I realized that I hadn’t posted about it. So here’s what happened since then:
Judging by the beautiful ramp on the hourly panel the squeeze is on! Sorry about dropping that chart last night! Anyway if you happen to be long crude then do nothing. It’s possible that the 50 mark is being re-tested but odds now support that a LT low is in place.
Otherwise I don’t see much I really like this morning – plus I’m treating lightly in this crazy tape. The 10-year bond futures may be a good long above 130’300 – stop below the 100-hour SMA near 130’160.
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