I won't let the oil speculators fool me!

Discussion in 'Economics' started by CStar, May 23, 2008.

  1. CStar


    I want to say fool us, but most of what I'm about to write is opinion based, so I don't want to drag anyone else into it. I would appreciate, however, to hear some like and differing opinions form others. OK, here's what I have a gut feeling is going to happen to stocks and oil in the next few months...

    When I see big speculators like Boon Pickins go public to tell everyone oil is headed to $150 a barrel and fast, my past experience tells me the market has peaked and investors like Pickins are stirring up the masses to jump in to squeeze a little more out of the market and give themselves time to sell.

    I stated months ago that the Fed cutting interest would lead to another bubble. It did, but rats, I wasn't smart enough to know it would be oil or anything else for that matter. I just thought it would drive the dollar down and that would create a bubble somewhere.

    Well oil probably will hit that $150 mark or come close but as it becomes increasingly parabolic, I see the bubble bursting. That is when stocks will again become more attractive, as they did for awhile when the money went out of houses... at least before the bad paper hit the fan.

    What do you think about the oil market? Bubble or supply / demand?

  2. RhinoGG

    RhinoGG Guest

    have you yet been denied at the pump? If you pulled up with a fleet of trucks, would any of them NOT receive a full tank? Have you seen any rationing? any long lines anywhere? Neither have I. Seems there is plenty of gasoline to go around.
  3. CStar


    That's an excellent point, RhinoGG.

    I had my first car back in the days of the gas lines. Late 1970's if I recall correctly. What a crock that was.. they kept telling us that the planet was running out of oil. I recall paying $1.50 a gallon back then and I think before that scam was created the price of a gallon of gas was around 50-cents.

  4. HSC.1775


    There is plenty of oil in the tanks at Cushing; however, it matters little if you are short! Is this is bubble that like all bubbles will end badly for some? My “opinion” is yes, but “opinions” matter little in the market. Just ask those who were long crude in 1998.
  5. G-Boa


    Boone's short covering is why we're at 130 oil :p