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Friday, April 13, 2007

CRUDE OIL

For those of you that get my newsletter, the Crude Oil trade is summarized to the left. I had said to short it on 4/2/07 and exit when the percent R closed under 25. The entry was 65.10 and the exit was 62.01, a profit of $3.09/barrel. This yielded $3,090 per contract so I hope some of you did this trade. Things rarely line up as perfectly as that one did, so the trades have to be taken when they do.

6 comments:

powayseller said...

Nice job on that trade!

Chris Johnston said...

Thanks PW. How goes your new venture?

powayseller said...

Going great, I emailed you to see if I could add you to my links, about 2 - 3 months ago, but did not hear back.
http://www.californiahousingforecast.com

Chris Johnston said...

Sorry, I never got the email, it must have been blocked somehow.

pRhyME said...

what do you think about oil now at these levels? it closed at about $62 today. and do you see it hitting the $70's this summer?

Chris Johnston said...

At this moment I do not see Crude going to $70, the commercials are heavily short, and the trend is down. However, that would be just above the top of the trading range that has been in place for awhile, so it is not out of the question.

All trades for me for the time being are on the short side of this market.