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Ill Omen for Energy Sector as Heating Oil Goes Bearish
Posted on May 09, 2008
Quietish week this time around in the trader positioning as reported in this afternoon's Commitments of Traders report. See how it all went down on my Latest Signals page. Some highlights:- Heating oil has flipped to bearish. This trading setup is based on the large speculative funds, which have sharply reduced their net long futures and options position as a percentage of the total open interest. Heating oil is almost perfectly correlated with crude oil, so this could be a portent of things to come in the wider energy complex. The heating oil setup works with a six-week trade delay, which mea...
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