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5/04/2005
Don't Be Crude, by Victor Niederhoffer

Someone is going to say that the five most recent days in spot crude, where its high and low have been respectively above and below $50/barrel by an average of $1 each day, is random. But I say that it has within it a nice little reversal system.

         
  JUNE CRUDE OIL FUTURES  
         
  OPEN HIGH LOW CLOSE
         
4-May 49.50 50.95 48.80 50.15
3-May 50.30 50.60 49.30 49.50
2-May 49.30 51.05 49.17 50.92
29-Apr 51.25 51.60 49.50 49.72
28-Apr 50.70 51.85 49.80 51.77

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