No Dice on Oil; Chess Moves

I stopped myself out of my long UWTI play at $2.61 this morning for a loss, from the $2.78 entry I discussed yesterday. As it turns out, the inverse head and shoulders (or "Sheikh") pattern was a fake-out, leading to a fast move lower. This sort of thing can, of course, happen. But I still believe the trade was worth the risk in the event oil finally staged an abrupt snapback rally. That didn't happen, though. So I am out.