Oil to test 50

Discussion in 'Commodity Futures' started by EMRGLOBAL, Jan 6, 2009.

  1. 50 is a key level, if Oil can break above 50 and hold, this is a positive sign for oil to reach the 70 mark by summer.

    I wouldn't hold my breath unless we get a few solid days of Oil retesting 50 as support.
  2. are you still holding your long? I remember you were buying the 60's...have you held? or are you buying back down here?
  3. Yep, I was legging in from 65 or so. I even think my first position was near mid 70s. Of course its not all in futures. I think about 25% of my play is in futures. I have USO, OIL, BTU, VGENX, and XLE. The bulk of my positions are in latter.

    I took the majority of my position when oil was high 30s.

    Keep in mind, I no longer daytrade. Haven't daytraded since my Schonfeld & Last Atlantis Days. This is pure position and I monitor it, able to adjust if needed.

    Also keep in mind, I'm in the industry. (Oil Industry). This does not give me an advantage persa, but I do see a lot of information and I am putting Clients into Physical Drilling Operations. So, I'm putting my money where my mouth is.
  4. What is going on with oil???

    USD surges back in recent days...

    OIL surges regardless, moves $12+ in the past 10 days...

  5. Absolutely.
  6. oversold