Better to call the bottom in hindsight, like the first big up day. Maybe that'll will be this week. That's when I'll buy the oil patch. MRO RIG DO SLB VLO XOM. Oct-Nov 04 saw oil drop about 25%. A similar % move will put oil around 60. Look for the following soon: The Iranians and/or Arabs will goose up the price with some alarming statements. The oil drop is in part due to Bush regime not stirring the Mideast pot and causing alarm, with an eye toward giving the voters a sense of calm before the forthcoming Congressional elections. Watch for Cheney, however, to warn that Al-Queda will get you if you vote Democrat.
I'm long natural gas over the past week. The smell of fear is oddly missing from the markets: time to put it back in.
This is surely a brutal decline with a rare 1x 8 decline on the Gann line. Makes me wonder who is behind the curtain. A bounce back to $68.00 would be no big deal.
hey maybe it is the PPT ... doing the reverse of what they have done in the stock indices over the yrs reasoning ... lower oil prices means less funding for the terrorists I wonder if T BOONE has been a seller ?
Hey Seth . . . you never know. IMHO - 63.600 is a new extreme support level in the QM. The last time it was this low was 03/27/06 at about 10:30 am EDT. The next support levels are 63.500, 63.425, 63.300, 61.575, 61.400 and the important one at 61.275. That was the next extreme support level to the downside from 03/21/06. If that one breaches 59.325 is next. Bottom line is . . . oil prices will continue to fall until one of those support levels hold and then fails. To bad the prices at the pump don't reflect wholesale gas prices from this level. If it isn't the Oil companies gauging us its the retail companies. Can't win!
i filled up for $2.20 today . learn the lessons from trying to bottom fish natural gas as it freefell