CRUDE OIL TRADE ALERT (3:35 pm EST)
I apologize to active traders for posting this trade alert a little late (I normally try to do this before 3:00 pm EST), but I needed to wait and see how the markets would digest the information from Ben Bernanke's speech today (delivered around 2:30). I will make more comments about the markets later this evening. It looks like Bernanke will continue to delay any tapering of QE (at least until the end of the year) and Wall Street can relax a little.
Crude oil dropped significantly today and looks like it is in a decent position to buy for a possible short-term rally that could break the $100 mark. Price chart momentum is very bullish at the moment, so I am going to go long crude oil today. I will post more detail on this later in the evening.
I apologize to active traders for posting this trade alert a little late (I normally try to do this before 3:00 pm EST), but I needed to wait and see how the markets would digest the information from Ben Bernanke's speech today (delivered around 2:30). I will make more comments about the markets later this evening. It looks like Bernanke will continue to delay any tapering of QE (at least until the end of the year) and Wall Street can relax a little.
Crude oil dropped significantly today and looks like it is in a decent position to buy for a possible short-term rally that could break the $100 mark. Price chart momentum is very bullish at the moment, so I am going to go long crude oil today. I will post more detail on this later in the evening.
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