Blow Off Top Tonight!?!

[BlueStreek]

uso definately breaks 100 fast, 90 is the big support level to see if it holds that level, but ultimately sometime during the remainder of 2008 the USO will hit 85, we will see if it holds, if not then we will hit the 70`s!

http://bigcharts.marketwatch.com/interchart/interchart.asp?symb=uso&time=8

Newbies find another trade, this is only for the experienced trader!

 

[DataCruncher]

was there a particular news item that triggered the 1:50 EST selloff in USO?

 

[FLtrader]

Hey Guys,

I'm with a few of you in believing that the cost is going to continue up. I'm thinking capping around $150. A lot of people are also talking about them trying to tap the saudi's for more but in my honest opinion that's not looking so good. Unfortunately, whether we bring in more crude or not it's not going to help that we haven't built any new refineries in 15yrs which all are running at 100%.

It reminds me of a market preview blog I read from that compares the refineries to something out of star trek with good ole Scotty saying he's giving it all he can give. (great blog by the way)

We have a lot of problems contributing to this and I personally don't think we've quite hit the cap. But we will see -

 

[BlueStreek]

Those guys voted when everything looked extremely bullish.

However, when your local cab driver tells you crude is going to 150, that`s a good indication, that the near-term top in CL is in

 

[BlueStreek]

Going down hard!

 

[hottpotat0]

i would say its the time they will try to trap folks entering into their short positions-top is a ways off-i do not see a testing of the tops yet-they PUBLICLY ANNOUNCE AN INVESTIGATION OF THE FUTURES MKT=RETAIL SAYS-HEY ITS TIME TO GO SHORT=BARRON'S FOLKS HAVE CALLED A TOP ON THIS BOARD=20% MORE RISE IN PRICE TO CAPTURE SHORT /MARGIN CALL TOP=i am not experienced enough to enter into this mkt

 

[ByLoSellHi]

60 criminal investigations with the CFTC handing cases over to their most seasoned prosecutors.

Now we know the real reason crude sold off today.

http://www.washingtonpost.com/wp-dyn/content/article/2008/05/29/AR2008052903627.html

 

[BlueStreek]

GOLDMAN SACHS


$200 ANALYST CALL

NEXT WEEK NO LESS, CRUDE STARTS TO GO DOWN 141 AVERAGE ANALYST CALL

INVESTIGATION NEEDS TO START AND END AT GS

PAULSON---OIL RISE NOT DO TO SPECULATORS

INDICT PAULSON!!!!!!!

 

[BlueStreek]

While your At it B. PICKENS can go to jail to with that world uses 87 mm, we only produce 85 mm, 2 mm loss everyday argument, and CNBC for letting TB go on air to talk////hype his book at the consumers expense.


nobody from CNBC once said TB if we are losing 2mm everyday, HOW CAN WE HAVE A CRUDE INVENTORY BUILD FOR 4 STRAIGHT WEEKS????????????? AFTER 4 WEEKS 7 DAYS x 2 MM = 56 MM BARRELS PER OIL DEFICIT.

AFTER 4 MONTHS WE HAVE 224 MM DEFICIT, ETC, ETC.


YET T. Boone was short oil at 100, he needs to go to jail!!!

IF ENRON GUYS WERE INDICTED THEN THESE CROOKS HAVE PERPETRATED FAR WORSE CRIMES AGAINST THE US CITIZENS THAN ENRON`S COLLAPSE EVER DID, PEOPLE ON FIXED INCOME CANNOT PAY THEIR BILLS, GAS, ELECTRICITY, BECAUSE of these TALKING THEIR BOOKS ENERGY TRADERS!!!!

 

[BlueStreek]

LINE THEM UP FOR THE PERP WALKS!!!