Well my p/l makes me feel warm all over...loser. Let's face it. You're one of the stupidest fucks on ET-that's saying a lot. Any well capped entity can "manipulate" prices higher. Why doesn't it happen more frequently? Because whatever you buy on the way up needs to be sold on the way down. If Goldman so wants they can buy 2,000,000 ES futures and rip SPX 150 higher into the close. Then what? Unless they catch a bunch of specs short who now also need to buy 2,000,000 futures the price of stocks will come right off as every long in the world attempts to sell into the bid. This is the same bullshit argument idiots once made against real estate flippers. "Woe is me, homes are expensive because speculators are sucking up the supply." Earth to Mars: In a bull market the offer trades out. When bullish fundamentals are no longer in place the inventory of speculators is no longer marketable on upticks. Hence in an auction market longs start hitting bids. Relentlessly. In futures we often say "single prints on the way up are single prints on the way down." For every flipper who made money there's now five in foreclosure. Some manipulation. There's little evidence that commodity "manipulation" was futures market specific, energy specific, time specific or that it resulted in gross windfall profitability for anyone other than OPEC members who hit bids in deferreds or maybe a John Arnold or two. Ask Boone Pickens what his losses look like. If Morgan Stanley was making so many zillions manipulating crude then why did their share price break 75% simultaneously with the rise in oil prices?
It continues to amaze me that your run for elective office was not successful. Such a waste...all that raw talent, all that raw energy, all that raw sewage...
No, not at all. With all due respect Ivan, your "logic" would dictate that the blame should go to Israel. http://www.bloomberg.com/apps/news?pid=20601104&sid=a1jvjJlVO2tc People were simply "trading" and "hedging" and behaving as if a MAJOR oil producer (Iran) was about to go "off-line" last year. Nothing greedy or irrational about trying to protect one's self for a MAJOR oil producer shutting down. In fact, you'd be deemed incompetent ( let alone negligent ) if you were an Airline and refused to hedge ( protect ) yourself during such a price rise!
Agreed. At a time when you can't turn around without hearing someone complain about Wall Street this or Speculators that he's one of the few people willing to call "Suzi SUV" and her fellow Main Street voters to the carpet for their substantial role in creating the current mess.
I have not read the whole thread, so this might have been mentioned. Another reason for $147 oil could have been our Government. Not many realize that we were adding huge amounts of oil during last few years to SPR. The moment we stopped, it marked the top of oil market.
You have to be careful. All manipulations can be excused and explained rationally. If they could not, even the Feds would notice it. You have to make a judgment based on experience and what makes sense. Retrofitting 'reasons' for absurdity is a fools game. But the scammers love you for it.
Huge amounts??? You've got to be kidding. From August of 2007 to March of 2008, there was an addition of only 10.8 million barrels, with another 6.9 million barrels to be received between April and July of 2008. 17.7 million barrels represents 0.06 % of total oil consumption over a year. Absolutely miniscule. http://www.spr.doe.gov/dir/dir.html
Interesting. I have read this in one of Gartmam Letters and thought this made sense. I do not trade oil, so never bothered to investigate it. Thanks for clarifying.
Exactly. Meanwhile Pabst is spouting reasonable sounding but off-base pablum in the general direction of the doe-eyed subscribers (and potential subscribers) to his web site that is all splash screeen and not much else. Shady lawyers, and would-be market gurus with web sites, are expert at constructing "evidence" after the fact.