The Eur totaly blew past my intraday target of .2335. Which is critical in confriming the INVERTED h&s formation. I'm begining to believe that it will hit 1.25 after a some retractions. My daily chart shows that each up move since 12/30/04 high has been pretty much symmetrical with two of the three up-turns bringing over 700 pts. I'm begining to build my position with this target in mind.
The leader of Iran, the 4th largest oil producer, has figured out that the more he rattles his sabre, the more popular he is at home, and the higher oil prices go (so, the more oil income his country earns). Not much incentive for moderation there, eh? And our level-headed President, when asked whether there were U.S. plans to use nuclear weapons to take out Iran's nuclear capability, actually replied that "all options were on the table". I guess he just wanted to make his new Chief of Staff's first week interesting. I'm not a consipiracy theorist, but I'm sure some of Bush's friends in the oil industry didn't mind that remark so much either.
Oh, I totally agree. At the risk of sparking a debate (which is not what I want to do here), oil will go down a lot as soon as Bush is out of office.
Since it feels so uncomfortable to go short. Maybe we should go short. .2406 Below 2358. .2333 .2307 .2261/55
Hi late apex Would you care to elaborate a little on your accumulation strategy for ET readers' edification?
So of course its the President's fault and not Chavez and the nut from Iran..........hmmmm!!! So let's stay long oil until 08 and by law the President will be out of office......then flip the position......except we may be blessed again and elect another Republican.
Unless the democrat is a complete and total jackass, you won't see another Republican in office this next time around. And believe me, it's a shame because I'm a republican.
I closed my long postion from early April. I see some signs of downwardness. I may regret it but I am not as confident at this time. I also put on a very small short postion. I may regret it, but I have some nice profits to put in the bank. I will watch for a while. DRT
Longs preferred. Damn, I was not too confident in posting earlier about this one. But my commodity blocs are doing well .