I suspect some of the drop in CL is due to its replacement as the world oil benchmark by Brent. "Dated Brent" always was the worlds physical benchmark, but I believe Brent is now it's finanical benchmark as well.
When Demand>Supply barrels still came across the Atlantic into the Gulf and up pipelines into mid-america. Hence WTI was still market linked - and often the 'premium' barrel in the world.
Then Supply>Demand and you had a surplus of barrels in mid-america that had no home and no where to go. Hence WTI became detached from world oil markets.
Now pipelines have been reversed and oil flows from mid-america down to the Gulf Coast and WTIs relationship (although now a different one) has been reestablished with world oil markets.
The following user says Thank You to SMCJB for this post:
Both are fine, if you're comfortable daytrading and disciplined with stop no "just an extra 2c more above my stop.." mentality then manual is fine. I like to watch videos with alerts on so I use contingent with condition of LAST => 10c (your stop), BUY @ MARKET, DAY ORDER, no trigger outside RTH. Most you will lose is an extra 1c with a very fast moving market. If you use limit for 10c you might miss it at a very fast market and lose a few cents extra. Only for something as liquid as SPY near the money options..anything with spread more than 2 ticks I wouldn't do this.
The following user says Thank You to k20a for this post:
Hi everyone...I just wanted to thank all those who have contributed to this thread! A "big" thank you to @ron99 for sharing so many of the things he has learned along the way. I came across this thread last Sept/Oct and have been reading as time would allow. A few weeks ago I began reading from the beginning to better understand the thought process as this has developed. I started trading options in '07 -- I am sure I joined the ranks of many -- made a lot but also lost a lot. 2007 was a fabulous yr. selling premium for me but got caught in the whip of '08. I then lived abroad for nearly 4.5 yrs so I am now looking at selling futures options. I still have many questions and am almost completely through the complete thread.
Keep up the good work everyone...keep posting and hopefully someday I will be able to contribute to this great forum too! Thanks again to all who have made this a great place.
The following user says Thank You to RBtrader for this post: