OIL Drops By 4%+ And Heads For My Target As Futures Fall

April 27th, 2009

Good morning traders! This weekend was great with all the HOT east coast weather, but it’s back to the charts this morning. For members, make sure you watch the Member’s Only Video this morning if you haven’t already.

 

Both the futures and Oil is trading much lower this morning. Oil is off more than 4% and very quickly headed for my $40-$45 trading target. As such, the US futures are looking to gap down just about 1% this morning. Of course, this week we really need a good 4-5% correction to start a new intermediate down trend. Below you will see the S&P trading targets. Clearly 812 is the magic number for this week. If we make it there in a hurry then 780 would be an ideal bounce type area.

 

spx12

 

Member’s short positions are still sitting very well. Most are already in a profitable range – i.e. BCR and others. We will continue to hold there until we see real buying power come back into the market. At the same time, I have a very long list of LONG trades that will be coming down the line very soon. The list – currently over 30+ really great set-ups – will get smaller with each day as I focus on the best trades later this week.

 

On anther note, I’ve had over 22 people earn free memberships through the affiliate program. I’m really glad to see people taking full advantage of this! Remember, you only need to refer two people – though more would be great – to get a free trading membership.

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