What a joke, it's not even projected to hit the Gulf of Mexico. Big shorting opportunity here for oil.
First of all, there has been Zero run up in any Energy Futures due to any storm at present. Oil has infact diped, pulled back and its a great buying opportunity. Oil is following the News on Markets and Economy right now. Second....Oil for a long term play, even at these levels has a great reward. I have to watch what I say on this site, as I not only trade oil but fund industry oil deals with a Private Equity Firm. Thus, all I can say is that our clients are pooring money into energy. Third, China is not only sniffing around and buying oil production and companies in Africa, they are now going into Brazil, Iraq and a few other oil producing countries to by current production and to fund drilling. China is setting the stage and showing a huge Ace. They know they can't dump the dollar, the know that OBAMANATION is gona bring inflation, taking the dollar lower and they know oil is one way to hedge for the future. So, Go ahead, short oil on the short term. We need the shorts in. Second, might want to learn a little more on trading and investing in Energy.....could make you very wealthy this decade.
OPEC has oil pinned at 70-75 per barrel. Everytime it falls below 70, they cut shipments just enough to keep inventories from overflowing. If you've been watching the inventory reports every week, you can see when there's a big surplus, the next will we will see a drawdown, as they adjust shipments. The best way to play oil, is buy under 70, sell at 75.
I found that report were released by OPEC in last week, saying non-opec productions are increasing, was very suspicious.
That was my point - it hasn't run up on storm news until now. It jumped a dollar in a matter of minutes around 17:00 EDT today. Demand is still weak, and a 5% jump in one day is unjustified. Markets are WAY overbought and developed world economies are still weak. Short. EOM. I hope your "clients" are not investing with you based on your spelling and attitude.
If you believe anything this clown says, I have a bridge to sell you. He comes to the only place in the universe where some people might actually believe him....ET.
You mean that BS-artist from the old Schonfeld office in Chicago??? The guy that would brag that he was already +$100,000 on the day by lunch time trading JDSU, QCOM, and YHOO but was in reality +$800?