Thursday, January 22, 2009, 07:00PM ET
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Nailed the Oil Move With+$3 Spike In 1 HourDear Readers,
As I attempt to read the market internals using my proprietary techniques and the technicals I come across some interesting possible trades each day. As noted about one hour ago, oil was setting up for a possible momentum trade. Multiple calculations as well as key technicals were pointing towards a possible move up. Little did I know it would happen within one hour of me writing on this blog. Sure enough, oil popped $3 since the post before this current minor pullback. I do think oil as some more upside. However, as a smart trader in this invironment some profits must be taken! The key in this trade was the multiple gap downs lately and strong momentum moves gaining much of the lost value back into the close on spot crude. This is a direct indicator of buyers stepping up and needs to be kept forefront in a traders mind. Use these indicators and use them well.
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