US Consumes way more than it produces, everybody that produces it hates us, and more oil is being sold in Euros causing countries that buy oil to dump dollars. Seems like a bullish case for Oil and Gold to me. Buy them when everybody is shorting and telling you to get out (because they are shorting) and make some money after the short squeeze that occurs after the next supply disruption or political crisis. As I've said in other posts, these dips in Oil have ben buying opportunities, and each time, there is doom and gloom. I had to load up a little more at 55/barrel. I'll buy more if it hits 52
You need to learn some ABC's, the real bounce will be end of Jan, or first part of Feb. Time, price, astro
Eric Bolling told CNBC this morning (1/8/07) that he was short oil over the weekend and that he will be covering today. I think there will be a lot more short covering in oil today besides Eric Bolling.
i covered OIH and XLE at the open today. No i didnt see the drop coming today...but happy with the results...looking for another long entry.
If we see the opening trading move up to $56.50, this looks like it will be the spot to short intra day. Most likely another testing of the $55.00 level at this point. Gap down in the morning that trades to $55.10 seems like a v bottom move in the making. Although the first scenario seems more likely to me, these look like the two most likely scenarios to me.