Years ago, we looked forward to trading multiple oscillations and/or big trend swings on FOMC news day. But the past few years no longer offer such opportunity. Instead it is all wedge-chop and whipsaws and v-spikes..or sometimes nothing at all.
Today’s weekly CL inventory report was trumped by April-May rollover chop. Stock index futures wedge-chopped all day, before and after the 2pm release until the abrupt slam down near 3pm which abruptly turned & burned right back up. You might try to find consistent opportunity in tapes like that. I personally avoid them, having shut down and walked away long before.
On to the May CL contract, expect next session or two with large-range and probably big trend potential. As for the eminis? Triple witch expiry usually quells and pins price. Anything is possible, I will go into each session with positive expectations and we’ll see how it all unfolds
For more daily updates from Austin, visit his blog at Coiled Markets.