we just saw a top in oil prices today. May the late longs be punished. Bernanke might not cut. The only issue tomorrow is the oil inventory numbers. If it comes out bullish and sells off i think we can assume we wont see 90 again this year.
Yeah, I tried to call the top at $83 and got out of that trade. Now media in corner of my eye on FM just tried calling it again. Nice move in DUG today though. You see a nice decline or dip in oil and everyone thinks, thats the top. Who the hell knows, maybe it will cool off and really correct and really retrace. I personally think $100 oil is ridiculous. The reason its so high like the market itself is shorts getting cute and getting burned. To make things burn more, I loved oil in the beginning of the year at $55. Should of just sat on an assload as planned but I dump it at $62. F me in the goat ass. Same thing with silver. Fuck, what did I start trading stocks again.
The top in oil should hold at 9370 through 2008. Posted in the energy thread within a few minutes of it occurring. Absolutely perfect squaring of Price and Time. So far so good.
Although I doubt you're adding to anything I was thinking the same exact thing. I think we saw a top as well. The only changing fundamental factor here isn't the price movement. It's the fact that there's a likely chance we're heading into a recession. If that's the case consumption will fall big.
I agree, think a short to medium term top may be in. I sold about 60% of my crude position. Holding on heating oil though.