And Soros funds the left. I guess he isn't a trader either.... In fact, most hedge fund managers these days give to one or both parties.
yeah that's what I was wondering....when did he switch over? Or did he milk the market for some long liquidity @ 100?
When did he switch over? Look at a chart.. you think he waited this longto get long.. the market rallied because he and many other energy traders were exiting shorts (buying) and buying more... also the LONG ONLY COMMODITY FUNDS keep buying contracts because they have to in order to fulfill their obligation of tracking the commodities markets.. now here is a lesson as to how this works.. Pickens.. actually short but wants to get long........ he says.. I am shorting oil.. bdumb money starts selling oil... pickens starts covering shorts at a profit and even starte re-buying and opening new long positions.... oil rallies to 115.. pickens still long.. he now needs to exit at higher prices to get out of his large postions... so he says.... oil going to 125!!!.. dumb and smart money will buy.. smart money will get out at the highs.. dumb will hold as market falls.. and PICKENS.. he will be shorting into the rally above 115 to 120.. as to not distrurb the market.. and then guess what .. the market will Drop and drop hard as boone is either out or most likely new shorts that were placed on the run up to 120.. large traders do not pick exact tops and bottoms they pick a range and try to sell or buy in that area to establish a position!!! Anyway.. the deciding factor will be wednesday of next week.. EIA oil report.. there has been a reduction in supply the last few weeks.. i would expect producers to start hedging (selling) oil contracts to protect against an oil price fall.. especially with congress and the government talking about gas prices and taxes etc.. Oil Companies want to lock in these high prices.. .. and very few "users" of oil will take the risk to buy oil up here to hedge higher prices.. IMO of course.. anyway i would look for oil to sell off tueday and wednesday of next week based on the eia report which i think will show an increase in oil.. I also look for the dollar ot start to rally from here as well.. which should help pressure oil. Pickens could give a rats ass about what his calls are in public.. the important thing to him is what the money looks like in the bank. IF REPORT NEXT WEDNESDAY SHOWS A DECLINE IN INVENTORY THEN 125 is doable . This is a 9 % rally from JUne oil contract .. @ 114.46 $ 10.36 increase is needed.. ONE last note.. we got lucky the last few years with hurricanes.. this season could be unlucky.. and gas prices could explode.. there is going to be a "risk" premium (hurricane risk) put into the oil prices as we go into the summer.. lare spikes are likely.
boon butt picker has decided to join the wining side huh? He was all confident on CNBC month ago about how oil was overprised at 100. What a loser.
Oil is on fire. Not sure if we will get a dip below 110, but if we do, balls in for sure. Otherwise, heading to 125 easy.
Guys, Mr T. Boone has always and will always be a bull on oil. Everything he says is either to prop the price up or bring it down so he can add to his position. If he is saying it is overpriced he is only wanting it to come down so he can add more futures. Then he will flip flop and pick some BS target and create some doom and gloom story about how were are running out of oil. I don't know why people even bother with this guy.