The crude oil trade remains heavily speculative as traders crowd the long side in anticipation of an agreement between Moscow in Riyadh. This morning, however, prices have turned lower as Iraq is seeking an exemption from the Opec deal citing military spending needs.
Squawk / 05 August 2016 at 16:14 GMT
Hypothesis Testing
United Kingdom
Following the article last week....
BP has posted an extreme on the very short RSI 2 momentum and we gained our first positive close.
Currently LONG from 416p but after costs b/e now 417p....full economies of scale taken. CFD's would earn far more as leveraged but as a pension trade this has to be equitable biased. Thus no interest charges. If we ignore the base rate reduction and assume the old risk free rate I need to cover at 421p+ to make this trade really worthwhile.
09 August
fxtime fxtime
Update ...BP now at 426p so profit equates to +10p but after costs profit is +9p per share and thus the trade is now covered. Remember this is a trade looking for inefficiencies in market pricing ONLY and not a position trade. The total return is 2%+ net over the two trading days....which exceeds the annual risk free rate of of all profits banked in 2 days where as a deposit account obviously requires your hard earned money being held over one year to try and match the profit booked now :-)


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