Crude Oil futures continue their wide-range oscillations, multiple time daily, session after session. Even with looming EU-Greece ̶#8220;news” and the usual weekly inventory chop-funk, easily four – five price oscillations offering +50 ticks or more from signals to end.
My personal sequence went -8 / -8 / -8 / +64 / +23 ticks all on the short side. +63 ticks cumulative and shut down for the day.
Stock index futures, S&P chart shown above, same story most every day in Feb. Sideways congestive chop, abrupt spikes or dips followed by immediate v-turn reversals that erase prior move.
We can be sure that CL will soon settle down while stocks will soon expand into wider ranges out. I noted in the live room late last week that stocks will continue to pop, chug and churn if higher until the next selloff correction fills open gaps below and washes out the near-term extended condition.
My trading plan each day is to ride multiple long contracts above the open range higher or multiple short contracts below the open range lower. That is a simple plan which serves to pile up gains in normal market conditions. Sometime between tomorrow and Feb 28th you will see directional expanding sessions. Do your best to capitalize on that, and repeat the same process next month.
For more daily updates from Austin, visit his blog at Coiled Markets.