Not "sold" yet. CNBC calling the top... one of the all-time great contrarian indicators. Sittin tight here. No need to guess, just do what the market tells you.
When is a market a market? When its oil. This is how the mo-fo went on Thursday 5/29/08 (CL 10am - 2.30pm) - up 430, down 258, up 146, down 432,up 107, down 214, up 86, down 137, up 186, down 92, up 67, down 130, up 135, down 140. .. ah bubbling crude.. ah liquid gold.
oil heading lower unless geopolitical or hurricane hits .. mkt jsut witnessed that 4 dollar gas prices at the pump will force a drop in demand in the US. Mkt today sky rocketed after report ... up 3 bucks in like 20 minutes.. then it sold off 6 bucks from the high.. this is a classic blow off top!!!!!! I would start shorting any and all rallied in crude from here..down to 110 bucks.. then hurricanes hit and oil zooms to 150.. every market needs a little rest a littel profit taking a little something to shake things up ... short oil wear diamonds in 2008!
No sir, Don't blame the speculators. The market has been on Contango for the last 8-10 days and now The fronth month just realize that there was no reason to be at those 130 level. Even the basis between the cash vs the future got tighter. One of the reason is that the Dry ship rates went down and a lot of cash trader move their cash to the brent crude wich is the benchmark in the world cash market. BTW there's a Huge divergence between the Baltic Dry Index future contract on the OTC market and the Cash market for most of the Dry freight around the north sea Hubs.. (Im talking about those CIF deals freights)
Lets look again at the shitloads & shitloads of points CL offers every trading day. This is how the mo-fo ran on Friday 5/30/08 (10am - 2.30pm) - down 209, up 274, down 121,up 102, down 123, up 128, down 60, up 112, down 67, up 70, down 96, up 65, down 94, up 52. ".. ah bubbling crude.. oil that is .. black gold .. Texas tea"
crazy. I kick myself for getting out of a short on 4 contracts at 131 on thursday. had to leave my machine and didn't want to hold while i was away, came back AFTER the crazy lunchtime action. oi vey. would have been nice to take that profit (would have been up at least 16K that day). BOURNS!
This has happened to me numerous times as well.. Tough to leave your computer for an extended period when you have an open position on Crude. The volatility is incredible!
I know. It honestly scares me shitless sometimes.... LOL! Especially this week. Some crazy action. Sometimes I was even afraid to go to the can to take a dump... too much time where crazyness could happen!
Probably a few times were available to get a dump out today during CL. But the mo-fo still ran very nicely on an overall down theme for Tuesday 6/3/08 (10am - 2.30pm) - down 47, up 92, down 149,up 103, down 78, up 65, down 141, up 67, down 96, up 72, down 100. ".. ah bubbling crude.. oil that is .. black gold .. Texas tea"