hi, thanks everyone for the encouragement and replies. for those of you not following my other journal on the site that i dare not speak its name.... ... CLOSED OIL SHORT @ 53.80 CLOSED DJIA SHORT CLOSED EBAY SHORT totally flat going into monday. will try to keep you appraised of my next oil entry.
thanks rickshawman. here is the channel( as adapted from my index system) for oil at this time: 55.03-- 52.97 flat in the middle, short below and long above. best wishes,
oil super spike: Oil tops $55 a barrel level; Goldman ups price outlook By Ciara Linnane NEW YORK (MarketWatch) -- Crude-oil futures climbed back above the $55 a barrel level in premarket trade Thursday, extending the prior session's late gains, after Goldman Sachs raised its oil price outlook. "We believe oil prices have entered the early stages of a superspike period," said analyst Arjun Murti, who raised his superspike range to $50-105 a barrel from $50-80. Investors are also awaiting the release of weekly natural gas supply data. The crude contract for May delivery was last trading up 2 percent at $55.09 a barrel. May natural gas was up 1.1 percent at $7.55 per million British thermal units. Enercast analysts are expecting the Energy Department to report a withdrawal of 49 billion cubic feet it is my opinion that this is indicating a top here. however, we are still flat at this time.
Hank, If settlement of petroleum sales worldwide continues to be diversified away from the de facto dollar standard, it seems like the cost of petroleum in dollars will go up. This could play itself out over the next several years. Thoughts?
hank ... assuming you are short QM e mini NY crude ... are you aware the NYMEX is changing to Clearport from globex soon ? make sure this change does not mess up your positions or prevent you from rolling over your short good luck ..