Oil is down sharpley any reason !!!!~!

E-mini NY
Gold = luxry item
OIL = necessary Item
Even do i am supprised the way gold is falling ( just a free fall ) what the hell
May be some buyer will jump in at $ 600
For the oil i am just looking to scalp for $100 to $200
As they say there is a reason why a certain thing is down So dont try to outsmart the market and be with the market
But i just cant short oil i dont know It is too news hurricane sensitive )
Good luck

 

I agree with the necessity. But necessary Item at what price?
Remember how yahoo was trading at 5 zillion time P/E, when all the wall street elites was saying internet was the future?
That being said, I still believe we will eventually see 100, but the market will shake out almost everybody before they go to 100.

 

and oh! one more thing. Why are u trading the night session? It is so slow, that wouldnt it bored u to death?

I stayed up for one night session half a year ago because clearport doesnt allow stop order back then. It's like watching paint dry.

 

I agree to you
The market like to go where it can fuck the most pll
that is why i say scalping is better
Let just wait and see

 

Well i have to agree it is very slow
Just trying my best to make some $$$ so that i can trade full time in 6 months
i have had my stop loss in place and i just got stopped out $-87
i guess i will just wait and see wht happens tomorrow
Good night

 

OPEC concerned about falling oil prices.

Ministers of the Organisation of the Petroleum Exporting Countries arriving in Vienna on Sunday have indicated concern that oil prices may fall. Though the eleven-nation group is unlikely to officially reduce its production quota when it meets on Monday, the change in ministers’ tone could be a harbinger of things to come.

“Inventories are very comfortable, prices are coming down and nobody is concerned about a shortage of supply,” Ali Naimi, Saudi Arabia’s oil minister and Opec’s most powerful member, said as he arrived in Vienna.

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At previous meetings Opec members, including Saudi Arabia, have voiced discomfort about oil prices being too high, threatening global economic growth. But there was little the group could do because its members were largely already producing at full capacity while high prices were prompted mainly by worries about sudden interruptions in supply caused by hurricanes or geopolitical tensions.

Now ministers no longer think oil prices, at around $67 a barrel, are too high. Instead they are concerned that the recent $10 drop in prices could be a sign that the market is at the beginning of a larger correction, one that could eventually impinge on oil producers’ revenues.

In the US, for example, sport utility vehicle sales fell 14 per cent in August, while sales of compact cars were up 18 per cent. Opec expects oil consumption in North America to increase by only 90,000 b/d in 2006, compared to the 230,000 b/d jump it experienced in 2005 and 520,000 b/d in 2004.

This would see Opec increasingly dependent on strong economic growth in China and other developing countries feeding demand for oil. But this brings back bad memories of 1997, when Asia’s financial crisis took Opec by surprise and the drop in demand from the region eventually pushed prices down to $10 a barrel. China, which in 2004 saw demand jump by 790,000 b/d, with other Asian countries adding another 430,000 b/d, is expected to register growth of 540,000 b/d this year.

No analyst is talking about a retreat to $10 per barrel, but even a slide to a more realistic $50 would displease many Opec ministers. To guard itself against a sudden oversupply in the market Opec is already producing 500,000 b/d below its quota of 28m b/d.

At the group’s meeting the ministers are likely to raise the possibility that they will have to take action at their next meeting in December. With oil prices still in the mid-$60 range, output cuts risk painting the group as a greedy cartel and enemy of the west.

Until their next meeting, ministers still have two months of hurricane spotting to do and three months to keep tabs on the unfolding diplomatic drama between the west and Iran. By then they should also have a better grasp of how cold the northern hemisphere’s winter will be and how much heating oil the US and Europe will need.

http://www.ft.com/cms/s/51ec2e78-40da-11db-827f-0000779e2340.html

 

wareco,
That already was posted yesterday. It's cool.

 

Keeps trying to base. So far no dice. I'd be careful trying to short it after such a major pullback. Not that it can't go to 60 or below , but any significant news can turn this around and create a pretty significant short squeeze. Maybe just day trade it on the short side but not swing trade it. Just some thoughts.

 

The bounce.- or at least a bounce

 

BCE, are you watching gasoline market? A saw almost a ten cent move in the blink of an eye...

How do you see it shaping up in the near future?