Slow selling with dead cat bounces of no more than 25 ticks in between is a CLEAR SIGN to stay the course. I covered at 46.10 before NY open and then after 30 minutes reshorted around 46.11. When will i get completely out? Whenever there is a FLUSH DOWN and then reversal of that FLUSH DOWN.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Last edited by mfbreakout; March 13th, 2015 at 11:09 AM.
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I am sure you all are aware of this but just in case, until 3/29, london close is at 12:30 ET. We move forward first week end of March and London does it the last week end of march. Similar situation when we fall back.
I think Zerohedge is rather bleak in its outlook of life and seems to be continually predicting the end of the financial system but I thought you guys might appreciate this article. It claims to reference a Soc Gen piece but extensive Google searching has been unable to find said article
You need to understand the economics of the floating storage play, Soc Gen says.
It walks through the costs of floating storage and makes an argument that prices need to be a lot steeper for it to work. There's what appears to be a nice diagram illustrating this but it's almost unreadable.
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The floating storage play eyed by oil traders around the world earlier this year has failed to materialise in any significant manner because of a narrowing of the contango in Brent-related crudes.
Of around 42 VLCCs taken on time charter earlier this year with options for floating storage during the contango driven demand period, only four were confirmed to be doing floating storage in Asia, a VLCC broker in Singapore said.
A London-based broker put the number of VLCCs being used for storage at three. "We have been tracking these ships very closely and, as far as we can see, the DHT Falcon, the Eliza and the Alsace are the only VLCCs being used for floating storage".
The world’s biggest oil traders rushed to hire supertankers at the start of the year. The idea was to buy cheap barrels of crude, store it at sea and lock in a profit by selling contracts in the futures market. But only a couple of the almost 40 vessels originally chartered to hold crude offshore for up to 12 months are doing so, shipbrokers and analysts say....