calling a top in oil here?

nolajy · Mar 13, 2008

Curious if anyone else agrees with me that oil may have run its parabolic course today? I think oil is going to start selling off here.. and fall to 95.. before the summer run up?

AS we all should know many of the big money guys know each other or spin in the same circle.. I think a large majority of ultra high networth individuals are gettign their networths crushed by the falling stock market. The market, the economy, oil prices.. all of this is starting to scare an awful lot of super rich peopel whose major holdings in stocks rely on our economy being somewhat stable. As the super rich elite start to get really concerned about stock valuation and the effect of high oil prices.. i have a funny feeling that many phone calls will go out and beg congress/opec/large oil hedgies to lighten up and possibly start to sell oil... anyway this is just my two cents nd I rarely if ever try and pick a top or bottom, but I think now is the time to start shorting oil... at 110 a barrell.

9:39 am april contract $ 110.08

Let me know what you think.

nolajy · Mar 13, 2008

may oil 108.74 @ 9:39 am

crgarcia · Mar 13, 2008

Quote from nolajy:

Curious if anyone else agrees with me that oil may have run its parabolic course today? I think oil is going to start selling off here.. and fall to 95.. before the summer run up?

AS we all should know many of the big money guys know each other or spin in the same circle.. I think a large majority of ultra high networth individuals are gettign their networths crushed by the falling stock market. The market, the economy, oil prices.. all of this is starting to scare an awful lot of super rich peopel whose major holdings in stocks rely on our economy being somewhat stable. As the super rich elite start to get really concerned about stock valuation and the effect of high oil prices.. i have a funny feeling that many phone calls will go out and beg congress/opec/large oil hedgies to lighten up and possibly start to sell oil... anyway this is just my two cents nd I rarely if ever try and pick a top or bottom, but I think now is the time to start shorting oil... at 110 a barrell.

9:39 am april contract $ 110.08

Let me know what you think.
More...

Don't fight the trend.
Don't predict, react.
Don't fight the -incredibly high- backwardation-.

stock_trad3r · Mar 13, 2008

OIL IS GOING TO 200

NEED TO KEP CUTTING RATES

DOLLAR KEEP FALLING

S2007S · Mar 13, 2008

Quote from crgarcia:

Don't fight the trend.
Don't predict, react.
Don't fight the -incredibly high- backwardation-.
More...

Dont fight the trend?

I know it was tough to fight the trend when the dow was making constant, new highs in 2007 but sometime you have to fight the trend in order to make serious money.

Im not short oil, but I do own DUG.

eagle · Mar 13, 2008

We were laughing on GS on the report of the Super Spike at $105 three years ago. And now... GS is always GS!!!!!

dandxg · Mar 13, 2008

Not until the dollar stops dropping will oil retrace, same with gold. Euro approaching 1.57, 1.5629 high print I show in futures.

nolajy · Mar 13, 2008

Thanks for the input.. now that everyone here is saying to buy oil.. I am pretty sure being short today is hte prudent thing to do... no offense to those that are going with the trend..
in 2000 - 2001 a lot of guys went with the nasdaq trend and they got crushed.. only time will tell... short may 108.74

nolajy · Mar 13, 2008

Thanks for the input.. now that everyone here is saying to buy oil.. I am pretty sure being short today is hte prudent thing to do... no offense to those that are going with the trend..
in 2000 - 2001 a lot of guys went with the nasdaq trend and they got crushed.. only time will tell... short may 108.74

stock_trad3r · Mar 13, 2008

Developing world needs oil. No way prices are gonna go much lower. huge demand. Limited supply. I know how things work.