What about the huge drop in crude?

Discussion in 'Commodity Futures' started by Cutten, Nov 13, 2007.

  1. Cutten


    I find it strange that this has got almost no comment on ET. Oil has just puked almost 10% in a few days, yet there is an eerie silence and virtually no posts about it.
  2. We were all expecting it, so the collective sigh is......"finally".
  3. GS said it was a sell so.... :)

    its just consolidating gains.

    1) oil up
    2) gold up
    3) vol up
    4) bonds up
    5) equities down
    6) dollar down

    bigger macro trade...
  4. Cutten


    Markets with record speculator longs generally don't consolidate. They either spike up or collapse. Once the momentum to the upside is broken, they are very risky.
  5. I think it may be a good bounce play around 85-87
  6. It seems too many expected to see 100...
  7. Nice call! a combo of fib support, 40 day MA, and trendline all fall in the 85-87 area, we were looking at those exact #'s today.
  8. IEA reduced 4th quarter global demand estimates and one of the OPEC producers mentioned increased output so you got reduced demand news and increased supply news coming with oil just below $100. Perfect scenerio to deflate the balloon for a bit.
  9. Probably no comment because this isn't a HUGE drop, it's nothing but a small correction. I'm not surprised if we even go back to 80 for a bit, before we move higher.