This page has been archived and commenting is disabled.

Commodity Correction Over? WTI Retraces 38.2 Of Drop From Highs, And 61.4 From Thursday Algo-Inspired Flash Crash

Tyler Durden's picture




 

At this point it appears rather safe to say that the commodity correction is over, as SocGen predicted over the weekend. As of this minute, WTI has retraced the key 38.2 Fib level from its highs, and looks set to take out the $104.6 price which would mark half the correction from the top. And, just as notably, the retracement from the Thursday algo inspired collapse, is now 61.8%. So much for that. We wonder if this means the peasantry can put Eric Holder back in the carbonite, and is it time for the CME to shift its attention from silver to WTI margin hikes? The answer, according to cramer and central planning, is a resounding yes.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 05/09/2011 - 15:00 | 1256428 tmosley
tmosley's picture

Who says they can't do both?

lol

Mon, 05/09/2011 - 15:01 | 1256432 Hephasteus
Hephasteus's picture

Shoefly market.

Mon, 05/09/2011 - 15:06 | 1256456 LawsofPhysics
LawsofPhysics's picture

Yup, stay ahead of the curve people.

Mon, 05/09/2011 - 15:22 | 1256524 Hugh G Rection
Hugh G Rection's picture

Turd was right about support at $34 for Ag. 

 

Double bottom toward $35 next week then blastoff.

 

http://tfmetalsreport.blogspot.com/

Mon, 05/09/2011 - 15:21 | 1256507 SWRichmond
SWRichmond's picture

F*ckingdammit I need more time.  I'm evaluating junior miners and am also in the middle of buying some and I need more goddamned time.  This shit was all on sale goddammit.

Mon, 05/09/2011 - 15:39 | 1256589 css1971
css1971's picture

The miners will continue to be low. Don't worry.

Mon, 05/09/2011 - 17:03 | 1256902 Canucklehead
Canucklehead's picture

If you want a no brainer, FIU.TO.

Mon, 05/09/2011 - 15:02 | 1256440 HoofHearted
HoofHearted's picture

How does it feel to get slapped by the "free hand"? We took it on the chin last week with the ridiculous margin hikes. And we know what happens at close today. How do you like them (silver, rather than golden) apples, BEEE-OTCH?

Do I need to say it? OK, just in case.

Commodities, bitchez.

Mon, 05/09/2011 - 15:07 | 1256448 Tortfeasor
Tortfeasor's picture

Over?  Not if MathMan has anything to say about it!

Of course, he doesn't have a say, so yes, it's probably over.  BTFD

Mon, 05/09/2011 - 15:08 | 1256452 tmosley
tmosley's picture

Yup. Meth Man said 90 bucks, because that's what he sold it for to get, you guessed it, meth.

Mon, 05/09/2011 - 15:27 | 1256536 TruthInSunshine
TruthInSunshine's picture

Mathman is taking this opportunity to keep his silver in the ground, because the nominal cost of extracting it from his back yard is $5 per ounce.

He's definitely willing to tear up his lawn and mine some more if it goes back to $48+, though.

Mon, 05/09/2011 - 15:28 | 1256538 Hugh G Rection
Hugh G Rection's picture

He doesn't do Meth

 

I have it on good authority he steals spray paint from the hardware store and huffs it out of a paper bag.  According to him gold spray paint is the best buzz.

Mon, 05/09/2011 - 16:04 | 1256699 tmosley
tmosley's picture

I imagine his life is something like this: http://www.youtube.com/watch?v=QaQHKQbXal0

Mon, 05/09/2011 - 15:08 | 1256449 NotApplicable
NotApplicable's picture

Good thing I BTFD...

and filled up my car.

Mon, 05/09/2011 - 15:06 | 1256451 PaperBear
PaperBear's picture

Last week was the "fed hand" slapping silver bulls across the face.

Mon, 05/09/2011 - 15:09 | 1256461 Vagabond
Vagabond's picture

They weren't considerate enough to give us the hand slap.  That was a full on dick slap to the face.

Mon, 05/09/2011 - 15:13 | 1256477 Out9922
Out9922's picture

Shapap!!

Mon, 05/09/2011 - 15:09 | 1256468 Sudden Debt
Sudden Debt's picture

I do like à good slap in THE face once in à while. I like it kinky and rough!

Mon, 05/09/2011 - 15:07 | 1256457 Sudden Debt
Sudden Debt's picture

And silver now go back to 42 in à few days, and nobody Will see because it's normal now and still down.

Mon, 05/09/2011 - 15:07 | 1256459 Sudden Debt
Sudden Debt's picture

And silver now go back to 42 in à few days, and nobody Will see because it's normal now and still down.

Mon, 05/09/2011 - 15:15 | 1256460 CrashisOptimistic
CrashisOptimistic's picture

We wonder if this means the peasantry can put Eric Holder back in the carbonite, and is it time for the CME to shift its attention from silver to WTI margin hikes? The answer, according to cramer and central planning, is a resounding yes.

//////// This question has nothing to do with geology and therefore is largely irrelevant.   I It is the single most frightening and powerful reality of today: There is nothing anyone can do.  Oil geology wins this war.  Geology considers human history to be a blip on the graph -- and one that is insignificant.

 

Mon, 05/09/2011 - 15:08 | 1256463 Franken_Stein
Franken_Stein's picture

 

Here in Germany Jim Cramer is totally unknown.

No one has ever heard of him.

Ask anyone on the street who Jim Cramer is.

No response.

 

Hey yesterday our Ackermännchen proudly announced he has managed to hammer out a deal for John Paulson.

He's calling him "the superstar on Wallstreet".

 

I for one think that Ackermann is an attention-seeking whore, trying to curry favor with the Kronies from lower Manhattan.

He should be heckled at DB's annual shareholder meeting.

 

After all it was Paulson who was short ABACUS, ripping-off IKB and ABN Amro in the process.

 

Mon, 05/09/2011 - 17:52 | 1257019 Ratscam
Ratscam's picture

he too will be at the Bilderberg meeting in st. moritz June 9 weekend

And no margin hikes on WTI or Brent, the PTB want higher oil prices!

Mon, 05/09/2011 - 17:48 | 1257022 Ratscam
Ratscam's picture

double post

Mon, 05/09/2011 - 17:48 | 1257026 Ratscam
Ratscam's picture

dp

Mon, 05/09/2011 - 17:57 | 1257028 Ratscam
Ratscam's picture

frigging smart phones

Mon, 05/09/2011 - 17:59 | 1257035 Ratscam
Mon, 05/09/2011 - 15:08 | 1256465 Silver Bug
Silver Bug's picture

Looks like we nailed the head on this one, some insane profits if you played this right over the last week. Let the inflation mentality commence once again!

 

http://silverliberationarmy.blogspot.com/

Mon, 05/09/2011 - 15:11 | 1256478 CrashisOptimistic
CrashisOptimistic's picture

How is this relevant to the oil subject of the post, though of course pimping your own site maybe doesn't care about manners.

Mon, 05/09/2011 - 15:34 | 1256569 jomama
jomama's picture

i'm a big fan of silver but your spam is really getting old.

Mon, 05/09/2011 - 15:09 | 1256472 topcallingtroll
topcallingtroll's picture

Yeah i hate to be part of the consensus, but oil to forty soon as i mentioned this morning, belgian waffle-monster.

Mon, 05/09/2011 - 15:12 | 1256482 PaperBear
PaperBear's picture

Now the hedge funds will empty the COMEX of the 33MN oz of silver registered for delivery.

Winning.

Mon, 05/09/2011 - 15:15 | 1256485 TruthInSunshine
TruthInSunshine's picture

Print, Bernank, Print!

Print, Trichet, Print!

Print, Shirakawa, Print!

(All spoke in tone of 'Run, Forest, Run!')

Mon, 05/09/2011 - 15:13 | 1256486 Jack Mehoff
Jack Mehoff's picture

It's nice to see the resiliency on these commodities. Struggling, but moving up against the Government's will. 

Mon, 05/09/2011 - 15:23 | 1256520 r101958
r101958's picture

Geology will win in the end.

Mon, 05/09/2011 - 15:21 | 1256506 Jasper M
Jasper M's picture

WHERE did this guy study technical analysis?

Since When does a 38.2% retracement of a given move signal the end of that move?

I suspect Tyler and co are talking their book, Desperate for investment strategies based around expectations of prompt inflation to pan out. Not going to happen.

Just because the market doesn't go where you want it to, does Not mean it's "manipulation".

Mon, 05/09/2011 - 15:22 | 1256526 r101958
r101958's picture

Unlike the printing press, geology is finite.

Mon, 05/09/2011 - 15:50 | 1256628 viahj
viahj's picture

I suspect Tyler and co are talking their book

welcome to the Fight Club

http://www.zerohedge.com/content/zero-hedge-conflictsfull-disclosure-policy

Mon, 05/09/2011 - 15:23 | 1256518 The Axe
The Axe's picture

Nice numbers...of course down on huge volume!!!! huge UP on air....next stop 80ies...

Mon, 05/09/2011 - 15:48 | 1256613 Re-Discovery
Re-Discovery's picture

Went short on Silver at 37 after being very long.  Expected attack or volatility.  Got my head handed to me on the trade (still up nicely on the day) because of slow grind upward in silver spot.  Went back long at 37.67.  I think the weak hands are out now and we grind towards/above 40.  Then probably a pullback end of week/early next. 

Seemed to be very disciplined accumulators in the market today.

Mon, 05/09/2011 - 16:14 | 1256727 SoNH80
SoNH80's picture

Want to give everybody a heads up (though 50% already know this, most likely), the Brent-WTI price differential is a function of bottlenecks at the Cushing, Oklahoma pricing hub.  That's the only real reason WTI is "cheaper".

Mon, 05/09/2011 - 22:11 | 1257783 TraderTimm
TraderTimm's picture

Makes you wonder what other shennanigans an exchange can get away with. Hey, if you owned the clearing side and quote side of a large electronic matching engine - there's no conflict there, right? I mean, who would be tempted to scalp some pennies on either side to boost incomes?

Yes, you're right, silly question...

Do NOT follow this link or you will be banned from the site!