Oil Inventory

Posted: May 14, 2008 at 10:48 am by Lisa

Not the “build” expected. Here are the numbers:

DOE CRUDE: +176K V +2ME; GASOLINE: -1.7M V -250KE; DISTILLATES: +1.34M V +1ME; UTILIZATION: 86.6% V 85.7%E

*API:

- Crude: +660K

- Gasoline: -1.5M

- Distillate: -2.35M

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2 Responses to “Oil Inventory”

Dave on May 14th, 2008 11:34 am

I sold half of the NTRI position that I mentioned that I bought two days ago. It had a nice pop this morning. I want to take profits quickly on long positions until the market breaks the long-term downtrend. I will keep the other half of the position, but move my stop up. It definitely looks like a stock with nice accumulation taking place since early April.

I had to sell more MU as the price rise today moved my portfolio balance to greater than 10%. I may take more off the table as it is closing in on the 200 day moving average now. That may provide some resistance.

I am still short POT, but that trade has done nothing lately. If it closes above $200 I will close the trade with a 5 - 6% loss.

Nice to see the move up on the S&P above 1410. It would be great to see it hold above the level for a while.
Dave on May 14th, 2008 11:53 am

In Chuck’s post last night he included a chart from one of the RT readers on the VIX. It is interesting to note that during the “bear markets” the VIX never came back down below the “17″ level (approximately). Virtually every VIX level below 17 is in the “bull market” areas on the chart.
As of this morning, the VIX is at 17.30……In other words, be careful if you are short this market and keep your stop losses tight. A weekly close below 17 on the VIX would be significant according to this chart.