That's right, yesterday's long play on Gasoline Futures (/RB) that were already up $15,000 from
NOW you missed it – I can't heartily recommend this as a new trade the way I did yesterday and Monday but we do have a Live Trading Webinar today at 1pm (EST) and I'm sure we'll find something fun to trade there. Another good call from Monday's post was Barrick Gold (ABX),
Oil led the rally yesterday and the S&P seems to have lost its oil dependence way back in May though a bad inventory report today is likely to spark a sell-off that will pull the index down from the 2,180 line and the /ES Futures are testing our shorting line at 2,170 (short below, tight stops above) along with Dow (/YM) 18,900, Nasdaq (/NQ) 4,760, Russell (/TF) 1,295 (raised from Monday's 1,290) and especially the Nikkei (/NKD), now 17,900 and a really fun short (and see Monday for our Nikkei Index (EWJ) play.
Today's EIA inventory report at 10:30 is going to be critical and we are still long 6 contracts in the Futures (see above) but expecting a possible pullback. Waterborne gasoline exports surged after Colonial Pipeline Co., the main system that moves Gulf Coast gasoline to the Eastern Seaboard, shut for six days following an Oct 31 explosion. The outage backed up almost 8Mb of gasoline that would normally flow to states in the Southeast and along the Atlantic coast.
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