Best OiL Trading

Another disappointing session end for the bears. Its quite frustating to be short this market and then see the market climbing its way up in the final hour of trading. I have a reason for this behaviour. Its the desperate fund managers that are out of stocks and find themselves forced to come in at any price. This will cost them dearly pretty soon.

We are in the distribution phase. Smart sellers are feeding asinine buyers. I am keeping my short line but I have to say that I am quite frustated with today`s pattern.

Besides this trade, I was pretty active trading the Euro Dollar currency pair. I extracted 50 pips with my intraday countertrend system.

Marc Faber commented friday that, "I think that at worst the (japanese stock) market isn`t going to do anything. But obviously the market can have quite a rally for the simple reason that we are still very low in terms of share prices in Japan". I think medium to long term investors will be rewarded if they buy the Nikkei 225 or the iShares MSCI Japan Index (ETF) (NYSE:EWJ). I agree with Marc. The worst thing it can happen is flat trading.

Oil Trader`s Blog is a website for active online futures and stock traders. I will provide my real time trading decisions and my market thoughts on this webpage.