Buy Oil

Discussion in 'Chit Chat' started by flipflopper, May 20, 2009.

  1. Rule of trading... oil can't go down so it must go up. Look for a massive short squeeze into the close.
  2. Disclaimer:

    This is day trade. to be sold at the close. Oil will eventually be back at 40 soon... but not today. Today it hurts shorts.
  3. Stop is at 61.38 in the July contract. target is 63.

    Risk 20 cents to make 1.40
  4. This crude rally just won't stop. I should start netting my profits in BP from the higher gas price I pay when I fill up.

    What's your take on the price of oil in a month?
  5. I have no idea. longer term I am almost sure it is going to 40. In a month it will probably be at 70 and peak out around July again before the next leg down.

    It looks like those Opec cuts are starting to work. there have been multi million barrel draws the past two weeks.

    Even though demand has been falling so has supply. Remember the Saudis need 70 a barrel now to break even after all the new infrastructure they put in place. So we should at least touch that level.
  6. Do not short oil at 62... ITS A TRAP!!!! LOL
  7. Moving stop to break even. Forgot about that damn FOMC minutes. May cause problems with the trade.
  9. Reversed to short. Sorry folks. FOMC ruined it.... damn reality.
  10. Flat... Damn I hate news!!!
    #10     May 20, 2009