State of the nation:
So far the major support zone has held
The daily trend up is broken and we are in a down trend since May 6 from 62.61 high.
Inventories are still extremely high and climbing for the most part.
It appears that the larger secular bear is still the main structure.
Short Term Strategies:
Some may choose to go long in to the resistance levels, others may elect to wait for opportune moments to get short at resistance or below 57.93.
I think selling premium on pops remains one of the most interesting plays.
So far the major support zone has held
The daily trend up is broken and we are in a down trend since May 6 from 62.61 high.
Inventories are still extremely high and climbing for the most part.
It appears that the larger secular bear is still the main structure.
Short Term Strategies:
Some may choose to go long in to the resistance levels, others may elect to wait for opportune moments to get short at resistance or below 57.93.
I think selling premium on pops remains one of the most interesting plays.