5% - 10% profit per day trading

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I've seen calls for $10.00 oil. Seems far fetched, but $100.00 plus seemed completely unreasonable for oil a few years back. One thing for certain with futures is that they always go higher than you think and they always go lower than you expect, so anything's possible. Just trade what you see and go with the "flow"! :)

If the global slow down continues at the pace we have seen recently, $10.00 is doable. I doubt we go that low, but I'm pulling for it to happen. It would be nice to buy diesel in the US below $1 per gallon again.
 
Quote from mccullek:

. Just trade what you see and go with the "flow"! :)
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Yeah you are right, that's the key. I'll try to come in the market tomorrow with a clear head and no bias and let the price action tell me where its going.

On a positive note, last night, I filled up my SUV for $38 :) This would have cost me about $80 two months ago.
 
I'm still paying about $65.00 to fill up with diesel, but a couple of month's back, I was paying about $140 for a fill up, which lasts about a week for me. I've considered buying something that gets better mileage, but the one I've got is paid for, so you can buy a lot of gas for what a new payment will cost, plus the vehicle is still like new with only 45K miles. I'd really like to get back below $30.00 bucks for a fill up. :)
 
Quote from coolshades:

i dont think oil is yet in a backwardation situation. spot price for nymex is 39 and cushing wti spot is 31.

secondly on lack of cushing storage space, i think thats the symptom and not the cause. the cause being a lack of global demand.

if the world was predicted to come to an end in 10 years time, then wouldnt backwardation occur in oil or consumable commodities?

am a newbie here so please excuse ignorance.
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No, Oil is in Contango..
Cha Cha Cha.
Where the spot price is less than the out month futures prices by the cost of storage and then some. Weather it is profitable to buy oil and hold depends on how much the futures prices exceeds the the cost of oil, the storage fees.
Only NOW there is no available storage, so one could not play the Contango if one wanted to.

Message is that oil can easily go down.
 
i really really hope that form teh start of the new year we start getting some decent volatility and movement again in oil with a daily range of atleast $4s minimum. :mad: :mad:
 
MERRY CHRISTMAS everyone hope you all enjoy it see you all in the new year dont get to pissed spanish, i am in edinburgh for the new years party with the misses so i will be :)
 
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