I was force out of my long position in Oil yesterday at 88.40. I took .40 over my target. I had been buying the dips after rollover. Had some great entry points. However, I had to get out as I told my self 87/88 was my range to slowly get out. We hit 90 plus today. However, as surf posted, looks like we could see some profit taking, which could bring oil back below 85. Not sure of the time frame. I am not willing to short oil either. The dollar is getting killed, Petro Dollars, etc. Oil could have one last spike. But with levels above 90, I am lost, blind like a bat. I have no idea.
I agree, we're long overdo for a decent pullback. This incredible strength has caught nearly everyone by surprise. I knew oil would rise, but who knew it would have guessed it would have been this fast.