Night owls who followed my advice yesterday could have caught a ride worth as much as $2,000 per contract, on initial risk of as little as $130. For those who made money on the trade, here’s another night owl special that comes from the two-minute chart: Bid 38.92, stop 38.87. I typically recommend a stop-loss of at least 20-22 cents when trading against swings in this vehicle, but the pattern from which I’ve derived the target is so delicate that we should look for a very precise bounce here, assuming one occurs. _______ UPDATE: The midpoint support gave way easily, telegraphing the considerable weakness that followed. The obligatory short-squeeze came eventually off a low at 36.94, but it unfolded in too many stages to suggest there is any real buying power here. It would take a print at 57.25 to hint that anything worthy of our attention is happening. My gut feeling is that we will see oil trade below $20/barrel, and perhaps below $15.