Well the rise in crude was short lived. As mentioned in my comments section, indeed the large specs did remove themselves from 90% of their short positions last week. This is information that is readily available from the CFTC web site, though the person who really crunches these numbers and who makes it makes sense is Stephen Schork of the Schork Report. Total open interest, or even knowing total short interest isn't enough, it's also a game of understanding who's short, who was short, who has gone short, etc. I ended up shorting twice since the highs of the day, not wanting to let a good opportunity get away from me with my last fill was at $52.25. 1 profitable long trade this morning and 2 profitable short trades in one day is enough for me to call it day!
Stock market... still flirting with the lows du jour... interesting though that a variety of big banking names are higher ahead of earnings.. hmmm.