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Oil price negative?


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Oil price negative?

  #241 (permalink)
SunTrader
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By their nature major intra day swing reversal bars typically have minor volume amounts compared to the whole day's total since they only lasts minutes. But 15k is not nothing.

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  #242 (permalink)
 
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 SMCJB 
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SunTrader View Post
since they only lasts minutes

And what we are talking about was what, 5 hours?

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  #243 (permalink)
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SMCJB View Post
And what we are talking about was what, 5 hours?

Broke 0.00 level @ 108pm, bottomed @ 129pm, had a more than 50% bounce @ 148pm that didn't hold, a 2nd higher low @ 234pm that did.

So it is however you want to look at how long it took. Me an hour or so. Because almost all of that sub zero volume was on the initial down move.

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  #244 (permalink)
 
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 SMCJB 
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I think we're addressing different things. Time Negative vs Time of Reversal Bar.

It didn't trade positive again until 7pm at night, after the reopen.
So it was negative for the last 3hrs on the 20th and for the first 2hrs on the 21st.

Hence

SunTrader
In all, 14,913 crude oil contracts exchanged hands at negative prices on April 20, according to CME data.

to me means that 14,913 contracts traded negative over a period of 3 hours not minutes.

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  #245 (permalink)
SunTrader
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SMCJB View Post
I think we're addressing different things. Time Negative vs Time of Reversal Bar.

It didn't trade positive again until 7pm at night, after the reopen.
So it was negative for the last 3hrs on the 20th and for the first 2hrs on the 21st.

Hence

to me means that 14,913 contracts traded negative over a period of 3 hours not minutes.

If you want to "split hairs" yes you could say that.

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  #246 (permalink)
329200
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Yeah pretty interesting, in related news, it looks like a lawsuit has been filed alleging manipulation by those Vega traders.





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Pretty fascinating article





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  #247 (permalink)
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329200 View Post
Yeah pretty interesting, in related news, it looks like a lawsuit has been filed alleging manipulation by those Vega traders.


Also looks like TD Ameritrade has been hit with a class action lawsuit regarding negative oil futures.

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  #248 (permalink)
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329200 View Post
Also looks like TD Ameritrade has been hit with a class action lawsuit regarding negative oil futures.

Link: https://www.desilvalawoffices.com/posts/2020/august/td-ameritrade-class-action-lawsuit/

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  #249 (permalink)
 
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 SMCJB 
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SMCJB View Post
Reuters: United States Oil Fund faces possible SEC action: filing

All related to changing their 'investment philosophy' mutiple times in multiple days back when WTI went to $0 (and beyond!)
"The notice, known as a Wells notice, says SEC staff have made a preliminary recommendation against USO, United States Commodity Fund LLC and its chief executive officer, John Love, saying it may have violated securities laws related to misstatements or fraud, according to the filing."

.

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  #250 (permalink)
 RT777 
Toronto Canada
 
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E*TRADE next ... https://www.kbklawyers.com/day-traders-sue-etrade-for-huge-financial-losses-in-oil-futures-fiasco/

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