Light Crude Pop

China’s stimulus package has helped oil up to above $65. I didn’t get to buy more because I thought it may move lower before it moves higher. I started to pickup a few contracts here and there when light crude traded just above $60 last Wednesday hoping it may move lower before I jump in with a big position but it didn’t. $65 is a fair price in my model. I should take half of my profit now and let the other half ride and see how it goes today. If market condition doesn’t change and it moves above $67, I’m taking the other half of my profit and wait for a pull back.

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