All eyes on Crude Oil and Middle East

This week has been all about the Middle East and the price of Crude Oil.  The S&P is trading against Crude Oil.  Crude rallies we break, Crude breaks we rally.  Today I was doing some selling before the open from 1302.00 to 1303.75 and got stopped out 1305.25.  I thought that the market would hold the single ticks from Market Profile that I pointed out in my Morning Brief but I was wrong.  When the market finally opened I waited to see how we traded around the pivot at 1303.75.  The early morning low was 1302.75, once the market went 1303.75 bid coming off that low I started to dip in on the long side.  I felt that if the market stayed above 1303.75 we should test resistance at 1313.00 but we came up short only trading up to 1310.00.  I still made some money on my longs, just enough to get me even from the shorts that I took pre-market.  I stayed on the sidelines and waited to see what the market was going to do.  I felt the market would either rally up to 1313.00 or retest 1303.75.  I tried to buy the retest at 1303.75 and that was only successful for a few ticks before I noticed Crude starting to rally again.  Once the morning low of 1302.75 was taken out I started to get short.  I tried to stay short but they were not making it easy.  I ended up just scalping making a few ticks here and there.  I was watching Crude and just started to fade whatever Crude was doing.  That worked out for me.  Today was choppy and tricky at times but if you just faded Crude you ended up making some money.  We have to remember that we are also in rollover and technicals are really second hand right now.  I still believe that you need to have technicals but don't count on them working all day.  With all of the news coming out of the Middle East along with rollover that just spells CHOPPY.  There is always tomorrow and tomorrow happens to be Friday.  I am looking forward to the weekend.  Have a good night.  DELI
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