Yes, I'm still holding my long position. I don't see why you'd want to gamble intraday when you can sit on your hands and profit from the strongest bull market of the year.
Pismo10. I apologize for going off on you in a very impolite way. Sorry. I should have suggested you rethink your remark.
It didn't collapse last year at $99 - went down about 13%, then ranged, then blew through $100 to new highs. We already had a correction from $134+ to $121 in the last week or so. Then in 2 days that whole decline got erased, and we move limit up to new all-time highs on massive volume with the biggest price advance since the *first* Gulf War. That looks like pretty bullish action to me. Really, if you are shorting here, I have to ask what it would take to make you get long. A strike on Tehran by Israel, followed up by a US land invasion of Iran, announcement of a $1 trillion purchase by the strategic petroleum reserve, and China announcing it needs another million barrels a day for its energy needs? Funnily enough, I think if ALL those things happened, you would STILL be thinking up reasons to short crude.
Read the contract specs: www.nymex.com There is no daily limit on the oil price. Trading just halts for a few minutes, then resumes with a new $10 "circuit breaker".
Why are the producers blaming NYMEX/Speculation for the runup? I don't understand why they would just not say they can't meet demand. That's why, coupled with the testimony on the hill, I say the price is manipulated.
since anyone complaining of pointing out the negetive deliterious effects is being smeared with some socialist, communist name calling by those in support of these conditions, then, a simple solution would be for Geo Bush II to show his commanding, authoritative leadership and get out in front of this "thing" hey, after all, isn't he an Oil Man? hey, after all, isn't this what these last 8 years were all about anyway? hey, after all, with stocks going up, oil going up, with stocks going down, oil going up, hey, after all, isn't this what the Texas Delegation has wanted all along?
So true. If the US defense dept found out that Osama is in saudi arabia and a nuke was sent there the next day gapping crude $100 in one day, marketsurfer would show up saying that its the short opportunity of a lifetime and oil is headed to $1 by 2030
its remarkable that this statement (so as not to be insulting or question you) has the premise that this is a supply / demand issue, as its being handed to the public on the CNBC / BiTV, CNN HN, etc. news media.... its remarkable that all the congressional testimony and even oil industry sources which challenge these lies and notions that the justification of the commodity / oil prices are supply / demand related.... its remarkable that even the Saudi Oil Ministers who have publically said that world demand (and they have all the credibility over a, say, Boone Pickens and Dubbya Bush II types) is []bnot[/b] what is being portrayed in the media, and they are meeting it as a member and OPEC and non-OPEC countries, hence, another nail in the coffin of the false supply / demand arguement.... its remarkable with all these other threads on ET, and other sources, and most importantly links to other industry articles as further proof, one can then choose to be ignorant or simply ignore these more credible sources, since you or someone else might argue with me calling these sources "facts", I used the more moderate term "more credible sources"... its simply remarkable....
EXACTLY! I have been a raging bull on oil over $40 lower and people acted like I was a lunatic or clueless. But I will say that this action is signaling that an intermediate top is around the corner, the volume was just massive today, a fair number or shorts threw in the towel today, although judging by the media and the Elite Trader contrarian indicator, we still have a ways to go to blow out the rest of the shorts.