BRIEF CRUDE OIL UPDATE (3:30 pm EST)
In last night's blog I mentioned the possiblity of taking profits and selling our long crude oil positions should the price approach $95 or above this week. It did that today (reaching $95.65 early in the day), but because the charts also flashed a strong bullish momentum signal, and because other technical signals are looking strongly bullish at the moment, we are going to hold on to our long positions in crude. As mentioned last night, there is the possiblility of a correction down this week, but given this strong bullish technical picture, we may just ride it out. Stay tuned.
In last night's blog I mentioned the possiblity of taking profits and selling our long crude oil positions should the price approach $95 or above this week. It did that today (reaching $95.65 early in the day), but because the charts also flashed a strong bullish momentum signal, and because other technical signals are looking strongly bullish at the moment, we are going to hold on to our long positions in crude. As mentioned last night, there is the possiblility of a correction down this week, but given this strong bullish technical picture, we may just ride it out. Stay tuned.
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