Don't know about the short oil, the $ gains 2c on the G7 currency and economy statements and oil barely budged. What is keeping oil so strong? I though it was because it was a USD proxy but based on the move in the $ it looks not to be the case, is global demand that strong still? If we hadn't had a gloabal slowdown would oil be at 120+ by now? Are peak oil idealouges not as nutty as they seem after all? Is there really serious chatter of war with Iran or some type of embargo?
yeah, but the strategy was to buy it up late friday, pump up all comodities early monday and try for a breakout, it would have been, in fact, whole commodity trade from copper to heating oil complex would have been green right now, just wait til liquid trading starts tomorrow, oil will hit 100.23 atleast sometime this week! Did the same thing on dollar strength about a month ago!
if it was fundamentals, the refineries wouldn`t be getting killed right now on the crack spread, it is pure trend trading specs about to get wacked once again, every time copper has been above 4.00 boom, they get wacked, natural gas at 10.00 they get wacked, silver above 20, gets wacked, oil at 112.00 they get wacked, they are playing the breakout setup, and boom, they get wacked by the reversion traders!
Every significant new high will get shorted by producers locking in that price. If you were the head trader at an oil company you would have nightmares about the CEO asking how come oil traded at a record high but we have not locked any of that in?
Hope you guys are right, especially about that target BluesS, very frustrated oil short here after seeing the move in the USD.