Like I have been saying, until the DEMAND DESTRUCTION picture is clear stay AWAY from the LONG side......these last two weeks show exactly what I was talking about. I will not look to play the LONG side as a LONGER TERM trade until we are trading below the low $50's and the demand destruction picture is MORE CLEAR.
you guys keep talking about "DEMAND STRUCTURE"? Oil moves on far more than 'DEMAND". Even thought the global slowdown is underway, possible depression, I doubt demand has slowed enought to cause this break down in Oil. natural gas is still in at 6.44 or so. 60% pull back in Oil is definitly catching the short flys right now. If you think that oil will remain at these levels for the next six months, get short. I have been buying, bought more today, since 84 levels. Just slowly building up positions My target to go balls in is almost met. there are plenty of factors that could trigger a run to 70 if not 90 with in a few weeks. Read between the lines. Of course those that shorted oil at 80 and have road it down, good trade, risky but great trade. I wouldn't sit short.
It's not at all far fetched to conceive of oil going back to its 2003 levels($25-30). It's not like 10 or 15 years of price rise is wiped out.
yeah....let's hear it from those who said....."speculators?????? please.....speculators aren't pushing up the price of oil........? rick santelli? you out there?
Did you hear him this morning on Squawk? He endorsed the idea of every American receiving a $1 million check from the gov't to bail out the economy!!
Aloha mate, what date do the contracts that you bought expire?? Cos through my spreadbetting firm the longest they offer is 1month contract. How low you see it going though if this dollar keeps getting stronger for the next weeks or even months?? :eek: :eek: P.S If you trade oil mate your more than welcome to join the traders who chat discussing oil and post our profits (occasional losses) http://www.elitetrader.com/vb/showthread.php?s=&threadid=134046&perpage=6&pagenumber=220
Lol Ransquawk yeah??? I heard the guy on there saying that opec minister was announcing a cut of oil production was gna happen at end of november, and then he started claiming about 1min later that that was the reason behind the 40cents pullback rise came in there at that support level!! LOL Little cunt duped me into adding more longs there though, and then ended closing the trade for a £900 loss!
What are you trading at the moment then please mate?? That corn buy at £2 unit cost me £254 Wanted to buy it again now from the 368 level, but too scared to. And are you still selling oil during intra day trades though?? :eek: And if you are how tight stoplosses are you using?? Thanks inadvance
I am not short the QM at this time.....plus I rode the QM from $147 down to the $70's so I have a good handle on oil imo. I do agree oil pricing levels are NOT all demand driven all the time, but the demand destruction picture is a MASSIVE unknown at this point so oil keeps dropping.
The only positions I am currently in for trading longer term is Rydex 200% Inverse S&P500 .....all my other futures trading is one to two days max hold. Intraday I have been trading ES, QM, ZB, DAX......that is it so far. I have been scaling back my intraday trading as I get ready to take a break from intraday trading for a while.