Monday, March 5, 2012

$EOG setup

was itching to get into this a few days ago and got no fills. an entry today is starting to look like a lower probability entry so im going to wait some more. i dont know what oil is going to do or Iran but the consensus seems to be that oils prices will remain high. also a cramer favorite. my original setup levels remain valid but now would rather wait for a test a few points lower.. now looking for a test of the 50day / and top of previous range from at the breakout level near 108.. hits that then look again at credit put spreads at / below the bottom of that channel..near 102 but likely at/below the 200day near 98... so the 95/97.50 spread will be looked at. setting alert at 109 for now