Hello PJKIII, I have IM'd you. I've figured out my mistake. embarrassing Anyway, I would figure oil may have corrected enough. I'm not going long quite yet...need to think it thru. Here's worth a read: http://www.bloomberg.com/apps/news?pid=20601087&sid=a9ukqMGxi8jg&refer=home
You've IMed me?? I haven't gotten any IMs. What's your IM screen name and are you on Yahoo or AIM? Thanks for sending the article, a good read indeed. Today's move was significant, but my gut tells me this may just be consolidation before moving higher. CL has geopolitical risks to prop it up, while natural gas does not. So...despite the performance of the two respective commodities today, I am more bullish on crude than I am on natty...
I'm guessing that when you use the term "resistance" in your post, what you mean is "support". I mention it because the incorrect use of these terms makes your post difficult to understand. OldTrader
Bought in at 57.80 this morning.. Will sell at 59.05. eur interest rate headed up...more oil spent. oil looks like it wants up again, and something bad in the world is sure to happen to support that. imho update...just chickened out. sold at 57.87, lol. didn't mean to scalp. re-assessing direction of market today.
IMHO? The CL market is looking stronger this morning, but they trashed it yesterday. It will need a catalyst to run up, it seems to be floundering based on the data that's currently out there. One geopolitical event and watch out...
Wow! 2 points in 1 hour What bad happened? Although I strongly beleive doesn't matter what happens in the world oil won't be allowed into 70s this year. It's political now. Bush eventually has to accept that most of oil money go to enemies or at least not friends. And Exxon with BP will follow the course. Oil will be in low 40s by end of the year
'Taint likely....it may go down into that range, but it will bounce--HARD. Oil will not stay below 50, and I don't think it will stay below 55. The trend remains up, despite the correction (which will prove to be a positive in the long run; like all things in futures the run to 78.40 was "too much, too soon"). How do you figure low 40's? I'd advise you not to back that bet up financially, it could hurt...
I think correction is now from 50 to 60 and trend is down oil moved down to 50s without external intervention just because of the weather so another 10 $ after negotiations between USA, saudi Arabia and Exxon and BP Don't you understand that oil terrorist tax must be stopped? Politicians in the USA eventually understood that. That's why oil moved from 78 to 60 and not because 78 was too fast Oil is not the market now. Oil is the terrorists main weapon. ANd the main direction now is not Iraq or Iran but the oil price