Oil to NEVER hit $135.00 again...dated: May 22, 2008...here is why...read... 1-Many will continue to profit take as price target of $135 was hit 2-Dollar is getting stronger 3-Commodity bubble about to burst 4-there will be HUGE after memorial day sell off...watch for it...will start tomorrow, Friday May 23 ,2008 5-Next Wed EIA report will be massively bearish stating overstock of inventory... 6-monthly supply reports should show back up of inventory 7-when it begins, watch out, will fall hard... 8-much of upward price momentum has been short covering rally 9-Venezuala issues appear to be a 'non issue' 10-Iran supply issues are 'not there' 11-market did not budge when congress said no more stock piling invenotry 12-"irrational exuberance" in Oil cannot continue 13-gas prices will rise and demand will lessen thus ending demand for Oil 14-Green options (non Oil required...I.e. Wind farms etc.) will continue to grow 15-COT report will begin to show this...this lack of demand for Oil 16-the "prophetic" future contracts in months, years to come are price less then the current front month contract...so, traders are expecting that Oil price will and should decline!!! 17-Brent Crude is almost same price as WTI Crude thus indicating the 'devaluing' of the WTI Nymex product... 18-China etc.cannot keep current pace of 'craving' for commodities such as Oil etc. 19-Ethanol boom will become a 'bust' thus creating desire for 'purer' return to gas and normal Oil supply/demand 20-Inflation to be proven 'non issue' and price of Oil comes down as economy strengthens Disclosure: this is my opinion only. Do your own research before buying or selling Oil futures or USO stock or USO options or even OIH, DUG etc..or anything Oil related... PLEASE ADD YOUR POINTS #21, #22,#23...etc..
Price is right at an overhead trendline on the weekly. Yes, it could break out above it, or even ride it's way up the line for a while. But if it's going to pull back this could be a good place for it.
You don't make a statement like the OP has, it feels silly to even post here, as nobody knows whether $135 will or won't be hit "ever again".
If you want to make pure price predictions (such as $135 will never be reached again) - you should be focusing on the technicals, not the fundamentals Try again
Is that really necessary, bunds? We all agree the OP is a bit off with his usual predictions, but you put yourself in the same age group with your off color and inappropriate commentary.
For #16, you need to examine why the market is inverted. There is a reason, and it has little to do with predicting future trends. http://masteroftheuniverse.wordpress.com/