It is evident again the smart money is manipulating the market again with the news, hoping to trap the SHEEP Traders. The first sign from the chart was the Up Thrust bars on Friday CPO chart. The up thrust will trap the traders to be in Long position. The more optimistic traders will keep position over the weekend.

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Secondly the global news are also pointing to a higher oil price. First the Hurricane Ike was being portrayed as a deadly hurricane and going to cut the fuel line. Secondly, the OPEC production cut. Thirdly the Venezuela political condition (vowing that they will cut supply to US if US interferes the political situation there). Last of all, the mark up of the Crude Oil and Palm Oil price before the Ike strikes.

All these news are there to trick us. However if you have looked at Bursa CPO Chart, then you will either stay out or Short the market. Remember, weakness appear on the up bars (especially the last high volume up bar closing in the low).

As a conclusion, we should look at the news with different perspective and trust the chart. 

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