20 reasons why Oil to NEVER hit $135.00 again...dated: May 22, 2008

[murray t turtle]

Quote from increasenow:

Oil to NEVER hit $135.00 again...dated: May 22, 2008...here is why...read...
1-Many will continue to profit take as price target of $135 was hit
2-Dollar is getting stronger
3-Commodity bubble about to burst
4-there will be HUGE after memorial day sell off...watch for it...will start tomorrow, Friday May 23 ,2008
5-Next Wed EIA report will be massively bearish stating overstock of inventory...
6-monthly supply reports should show back up of inventory
7-when it begins, watch out, will fall hard...
8-much of upward price momentum has been short covering rally
9-Venezuala issues appear to be a 'non issue'
10-Iran supply issues are 'not there'
11-market did not budge when congress said no more stock piling invenotry
12-"irrational exuberance" in Oil cannot continue
13-gas prices will rise and demand will lessen thus ending demand for Oil
14-Green options (non Oil required...I.e. Wind farms etc.) will continue to grow
15-COT report will begin to show this...this lack of demand for Oil
16-the "prophetic" future contracts in months, years to come are price less then the current front month contract...so, traders are expecting that Oil price will and should decline!!!
17-Brent Crude is almost same price as WTI Crude thus indicating the 'devaluing' of the WTI Nymex product...
18-China etc.cannot keep current pace of 'craving' for commodities such as Oil etc.
19-Ethanol boom will become a 'bust' thus creating desire for 'purer' return to gas and normal Oil supply/demand
20-Inflation to be proven 'non issue' and price of Oil comes down as economy strengthens

Disclosure: this is my opinion only. Do your own research before buying or selling Oil futures or USO stock or USO options or even OIH, DUG etc..or anything Oil related...

PLEASE ADD YOUR POINTS #21, #22,#23...etc..

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Increase now;
excellant points, dont know about your word ''never ''or #17.But you could be right.LOL

Trends are not predictions.

21]Something else favors the oil bears, perhaps short/medium term anyway;
MR Soros, while i dont agree with his politics much,
mentioned ''parabolic'' today,on oil trend,to US Senate. Then most of the testimony agreed -Morgan Stanley & other funds may have been grinding the face of the poor with its oil speculation.GS mentioned also.

21.7]Sometthing else cool about mr Soros comments;
he had not been long oil was his clear implication.Cool comments on the oil''bubble''.


22]The exchange raised wheat speculation margins;
maybe oil margins for speculators will be raised perhaps .Long term ,its still uptrend, not that that is a prediction.

 

[increasenow]

anyone get in on the HUGE CL shorting opportunities today...June 3rd?

 

[increasenow]

Quote from murray t turtle:

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Increase now;
excellant points, dont know about your word ''never ''or #17.But you could be right.LOL

Trends are not predictions.

21]Something else favors the oil bears, perhaps short/medium term anyway;
MR Soros, while i dont agree with his politics much,
mentioned ''parabolic'' today,on oil trend,to US Senate. Then most of the testimony agreed -Morgan Stanley & other funds may have been grinding the face of the poor with its oil speculation.GS mentioned also.

21.7]Sometthing else cool about mr Soros comments;
he had not been long oil was his clear implication.Cool comments on the oil''bubble''.


22]The exchange raised wheat speculation margins;
maybe oil margins for speculators will be raised perhaps .Long term ,its still uptrend, not that that is a prediction.

thanks mtt...great post...thanks again!

 

[increasenow]

tremendous read here...:

http://news.yahoo.com/s/ap/oil_prices;_ylt=AqejzFlIpKDuNSbz0IqragGAsnsA

 

[increasenow]

you gotta be reading the energy report...in it is important information about how the weekly EIA energy numbers are released..you must read if that means something to you...click here:

http://www.alaron.com/energy_report.aspx?blogmonth=6&blogday=3&blogyear=2008&blogid=80

 

[increasenow]

Tues June 3rd key CL numbers 11:22pm New York time:

5-Days LOW 123.80 on 06/04/08
20-Days LOW120.65 on 05/15/08

getting close to crossing over that 20 day low...breach that..watch out...$115 here we come...

5-Day MA 126.00
20-Days MA 126.91

CL is way under that...very BEARISH indicator...these 2 MA's as welll as $125.00 are new resistance levels...like a "lid"...

 

[jonbig04]

Once again I submit: Can it really be a bubble if everyone thinks it is?

 

[captain_trips]

Quote from jonbig04:

Once again I submit: Can it really be a bubble if everyone thinks it is?

absolutely ~ this pig is going to bleed

(in the interest of full disclosure I'm long DUG)

 

[JSSPMK]

Identify current trend: Bull & price is at daily TL

Identify time of change in trend may occur: There is a triple divergence on daily calling for at least $115

Volatility is about to increase here as we have 2 parties increasing their positions at times like now, whoever wins we as traders ought to follow, basically always try & seek out a winning party.

Looking at the daily chart & 240 as well as a lead I would not exclude a bounce (half daily chart also supports a bounce). Bounce or even continuation of trend as trend is still intact, just look at price, right on TL.

Basically, get the vaseline out as some of you trading this contract are about to be raped

Use stops

For the record I am not trading CL at the moment

 

[increasenow]

Quote from jonbig04:

Once again I submit: Can it really be a bubble if everyone thinks it is?

Oil is totally at a bubble burst time...Oil will prove to be like the farce of $1,000.00 Gold prices...Gold prices not even close since that Gold $1,000.00 bubble burst...