Friday 6/17

Long CL @ 93.79
Target  97.79 (will re-adjust later)
Stop 91.79








I have been sitting on the sideline for a week now. I missed the chance to short and didn't want to chase the market down, so the safest thing to do was to sit on the sidelines and watch. My main strategy right now is to sell the rallies, until, or unless rumors of QE3 start floating around. At the same time, it's not a good idea to just play one side of the market, or develop strong long term biases while doing short term trading. So I will take long positions if risk/reward ratio warrants it, but will use tight stops.



I think this is a good time to take a short-term long position. Most of the markets like ES, CL, EUR, etc, look oversold on the short-term charts, and have reached support levels on the daily charts. I think we might get a 3-5 day relief rally at any time now.