Oil to NEVER hit $135.00 again. Ironic to see this as we sit at $138.50; anyone care to make this assertion from a bullish perspective now? On a serious note, picking tops in CL is pure gambling because you have zero control over where an overleveraged short account will blow out. I'm not just talking about Joe-ET who sold QM at 130 with a 140 stop; there are small-mid size producers getting blown out of forward sales on margin calls due to inadequate bank financing. That's not to say you can't trade short here - but don't do it on some list of 20 fundamental or technical reasons because they don't mean shit to the margin clerk.
Hello all...I was HUGELY wrong BIG time...thanks for your time reading this post ...you were right and I was wrong...sorry I could not reply sooner as I was traveling...the best trading to you all..again...I was wrong and you were right!
Nothing to be sorry about. You were right for two weeks! Congrats on that. All you need to make big money is being right one-day or one-week at a time (depending on your holding time-frame), and you will be super rich in the long run.
Two observations about this thread: 1. OP too pronounced in prediction (aka "never"), but at least he put some thought into the post and created conversation (point of a forum). 2. There are too many cynical jerk-offs on ET (financial world in general) that take comfort in seeing others suffer from wrong decisions. Most of these jerk-offs couldn't trade themselves out of a wet paper-bag.
Hey I have mad respect for increasenow. I agreed with him and like him I will admit that I was wrong. I just think it was ballsy of him to take such a stand. And he admitted defeat when the time came. No one could have seen fridays action coming. That was some crazy shit.