Crude is 2c away from being back at $30.00
While the quoted number for crude is Feb, and is 28.94 ... it expires in 2 days. Open interest prior to today for Feb crude was 94,209 contracts. For March crude, the open interest prior to today was 548,320. That is huge in record territory. If you watched BNN or CNBC .... for whatever reason they never talk with anyone who is actually long crude, as if they don't exist. But there are actually people that are LONG 548,320 contracts. Of course they are all idiots, and the shorts are brilliant. Until the short squeeze happens, and they get wiped out. Now today 63,066 Feb contracts have traded so far, and 173,721 March contracts have traded. We shall see what the new open interest in the March contract is tomorrow. So who are these people that are holding long positions in crude? Every dollar move is almost 600 million Dollars!!!! Stay tuned, the tables will turn on the shorts, and 5 Billion dollars will be made in Flash. That's 5 billion dollars. Always beware of the quiet ones, while the mouth pieces sound off here and on TV.