OIL Do we finally GAP UP on Monday & break out of this 45ish resistance?

Discussion in 'Commodity Futures' started by BlueStreek, Mar 6, 2009.

  1. It looks like:even with all this crappy equities dragging momentum down:wtf:il keeps trying to brak out:next week it will sure try:I say 48 before the inventory report on Wednesday!
  2. could any of this be related to USO roll ?

    or maybe the WTI - BRENT spread ?
  3. I would have thought that would put downward pressure on this thing.

    It appears that buyers are not being "frustrated" they get knocked down, and it keeps coming back, even though the news and equities are just aweful, but it is surely but slightly putting in new weekly closes.

    There are a bunch of traders that are positioned for the roll uso trade and expect this the front month to go down, but if we go the other direction on a spike, the forced covering, could be brutal enough to send this cl into Backwardation, and then its on!
  4. toc


    do not wish on that my friend.........higher oil prices are the last thing we want to see in today's economic times. it will break the back of the middleclass consumers and consumption will further go down leading to depression.

    oil down, india china growing by atleast 5%+, global confidence in USD, Canada not catching the flu infection of the US economy, unions relenting to high wage demands even at firms like auto and airlines, middleclass does not drastically change and downgrade consumption habbits...............will save the world from a severa recession or even depression type environment.

    God Bless All! :D
  5. also watch the short dollar long cl trade next week!
  6. Its cos of the upcoming opec cut that oil isnt falling.

    added to the contango tightening / gasoline prices rising / summer dirving season and hurricane season only a few months away in the usa / and lack of fresh selling interest now.

    i am looking for a sell at or above 4867 on monday, or tueday,
    maybe sell higher if it keeps going higher before running out of steam though
  7. toc


    good news is there seems to be another 25% correction in the oil prices

    the bad news is there is another 20% correction in the major stock indices.

    this all shows the recessionary cycle will get severe before it gets milder.

    looks like deflationary times are ahead and wonder what is going to jump start the stagnating economy.........?

    there is still lots of toxicity in the corporate and federal financial books. the day rest of the world stops buying the US debt, it will be all over. folks will wish they had a land somewhere to live off it before the new cycle of growth begins.
  8. I get the idea equities are going to move higher with a 250 plus move day (may even be Monday) I think Buffet will be cheerleading on CNBC Monday Morning.

    Watch Copper as well: people are just desperate for any place to actually make money: Treasury returns get old real fast!

  9. :cool: :p