CRUDE OIL had a draw of 2896K. Consensus was for a draw of 2800K. BULLISH (WOW! Right in line!)
GASOLINE had a BUILD of 1902K. Consensus was for a build of 900K. BEARISH (OFF THE MARK!)
DISTILLATES had a BUILD of 3739K. Consensus was for a build of 1825K. BEARISH (WAY OFF THE MARK!)
The so called analyst finally got one out of three right! I guess we just have to forgive them for all the weeks they have been wrong?
Please see my last post for the charts on the oil related indexes/ETFs I follow (USO, XLE, OIH). Looks like we moved back down for the correction/reversal I anticipated.
The USO has found resistance at its 200 TANKS and has now fallen below its 50 TANK support as well.
The XLE has now moved well beyond its 50 and 200 TANKS after finding resistance there last week.
The OIH is sitting on its 200 TANKS as I write.
After the big moves down the last two weeks, I am showing no trades according to my CROSSHAIRS, so I will wait for the next move. No need to chase it now!
