I am getting a little concerned about Oil being mentioned everywhere in the media. It's a getting little overdone. I smell a short squeeze coming. But sell into that!
Honestly the more he talks about how long he is and how bullish he is, he might be the target we are all looking for. If his fund really is down 35% then his investors are only going to put up with so much before they bail and if they bail, he HAS to sell and the dude is long over a billion dollars worth of oil.
You wonder if he's been buying all the way down. That's sort of my reaction to the piece. Anyway, somebody else likely was if not him, and we haven't seen it hit yet in the market in a big and public way like LTCM and the like. This big of a move that just keeps squeezing aught to produce one soon
I asked a similar question last week...how does everyone adjust the numberline when we have large moves in the overnite session but the day session trades sideways? I started playing around with Tony Crabel's Stretch concept (noise bands) around the ETH open and run a numberline to account for strong overnite moves. 1. Take the Open, High and Low of each day. 2. Find delta of High - Open. 3. Find delta of Open - Low. 4. Which ever is lower between step 1 and step 2 take that value for each day. 5. Stretch = average of the values of past 10 days. I copied 1-5 from this website after google-ing 'Crabel Stretch'... http://time-price-research-astrofin.blogspot.com/2012/04/toby-crabel-definition-of-patterns.html
I'm calling a short-term bottom* here in WTI at $29.93 *Please note that the commentary provided is worth the price you paid for it.