Oil longs

Discussion in 'Commodity Futures' started by Illum, Jan 26, 2009.

  1. Illum


    Lots an lots of oil longs. Here they come for your face. Everyone long this market, meanwhile we are headed for new lows. Time for you all to retire. This market will be gamed by new blood.
  2. Hey buddy this is the energy forum, we energy guys typically like to discuss what we are seeing in a positive style. You are coming off as an abrasive know-it-all. Step back, take a breath and explain what you are thinking, we here all look at each others idea's and debate in a contructive fashion.

    What are you seeing that makes you think everyone is long oil? Who is the new blood and what do you think their game will be?

    If you read a few posts here, you will see me and a couple of other guys are looking at a larger bear market correction to the upside at the moment, key test of this will be a close over the $50 double resistance level.
  3. 48.69, 50.86

    the next 2 key levels.

    48.69 knocked it back down had today to the 45.86 level.
  4. LONG Mar QM @ $39.40....I will buy off my LONG signals EVERY new low created going forward. I actually HOPE we make new lows again.....only way to load back up! :)

  5. will you sell of the big upspikes too though mate??
  6. No....I will only scale out LONGs on rallies as I cycle in and out of LONG trades ONLY.....I will not be doing any SHORT positions during this multi-month trade. I will be trading around a core trade but all to the LONG side......hope this helps.
  7. achilles28


    Good way to play it. Long @ 35+. Sell at 50. Wash/repeat.

    Until banks start lending, oil trades in a 30$ range.
  8. Illum


    Should get some good weakness tomorrow, Im gettin out. Honestly this pig is way bloated, and the lows getting taken out seem like a forgone conclusion... but w/e I cant hang right now, Im am out of this trade. I haven't got a sense at all anymore. This bad bank thing, has me wierded out. I got a feeling something will crash. It's all fun and games shorting something people are paying way too much for. And being short a trade that is Sooo crowded people are literally hording oil, in ships, storage facilities.. mattresses.

    But this is getting big now. I never traded bonds, but I got this feeling, that house cards is gonna come tumblin. I need to meditate. If this were the Matrix, I would plug in and learn all the ill effects of the government trying to own trillions$$ in houses on the bond markets. Too bad it isn't.

    I will have to substitute with some cheap beer and some deep thoughts.

    Covering, good luck

    Edit- maybe price discovery, I dont know. Wrong part of the forum anyway, gl
  9. Well, one thing is for certain, the fundamentals do not and have not supported a rally, just the techs and action. We get DOE#'s tomorrow, the trend has been huge builds in crude and mogas.

    That bad bank thing is still bogus, does nothing for the consumer yet. Every hair brained idea the come up with forgets to help consumers, just trying to help the banks :confused: :confused: .

    If I didn't have the full blown flu at the moment, I'd join in with the cheap beer. At least my doctor is liberal enough to prescribe Vicodin for the flu :D
  10. Illum


    Heh, Im sick too, lucky with the Vicodin:D You must feel good. I just have the tea.

    Yea all this way over my head. Took a postion in TBT will watch the action. I do know the oil longs are in pain but.... I just cant see it. All my smack talk about new blood, and I am a clueless noob. Serves me right!! Feel better, gl
    #10     Jan 28, 2009