To riff on an old joke about comedy, the secret to success in trading is ………….. timing. It is sometimes hard for people to grasp, but what you buy or sell is in many ways less important than when you buy or sell it. Being right in the long term does you no good if you are forced out of the position because you are very wrong in the short term. That is worth remembering when it comes to crude oil right now. To anyone like me with a penchant for the contrarian like me, this chart is catnip. I mean, look at that big collapse…the bounce from that is going to be spectacular! That view is not just based on contrarianism, however. It is also based on history. Look at the 1-Year chart above for the main WTI futures contract, CL. Over that time, we have seen two […]