out BE
CL Redux
- Thread starter schizo
- Start date
Its a commodities boom ya know
http://www.smh.com.au/executive-sty...s-rich-list-glass-ceiling-20110525-1f3qs.html
One of the big surprises this year was Glencore's Ivan Glasenberg, who grabbed second place with $8.8 billion in his debut on the list, he said.
The South Africa-born businessman has lived in Switzerland for 20 years but also has Australian citizenship. According to Heathcote his large fortune only recently came to light during the public listing process of the Swiss-based commodities trading firm.
"This is his first time on list. No one ever debuted anywhere near the top spot, and [$8.8 billion] is a massive number" said Heathcote, adding that Glencore had benefited strongly from its "large exposure" to the resources industry.
http://www.smh.com.au/executive-sty...s-rich-list-glass-ceiling-20110525-1f3qs.html
One of the big surprises this year was Glencore's Ivan Glasenberg, who grabbed second place with $8.8 billion in his debut on the list, he said.
The South Africa-born businessman has lived in Switzerland for 20 years but also has Australian citizenship. According to Heathcote his large fortune only recently came to light during the public listing process of the Swiss-based commodities trading firm.
"This is his first time on list. No one ever debuted anywhere near the top spot, and [$8.8 billion] is a massive number" said Heathcote, adding that Glencore had benefited strongly from its "large exposure" to the resources industry.
All 3 major guys see positive on CL going forward ..
1) Goldman raised its Brent price forecast
to $115, $120 and $130 a barrel on a three-, six-, and 12-month horizon and
- boosted its year-end target for Brent to $120 per barrel from $105 and its 2012 forecast to $140 from $120.
GOLDMAN PRICE TARGET SHIFTS
Goldman Sachs in April predicted a sharp oil price correction that materialized the first week of May, then issued a note in early May saying oil could surpass recent highs by 2012, before issuing raised targets for Brent on Tuesday.
Morgan Stanley on Tuesday also raised its Brent crude price forecast for 2011 and 2012.
Citing improved demand coupled with production lost to Libya's conflict,
2) Morgan Stanley raised its 2011 Brent crude price forecast
to $120 per barrel from $100 a barrel,
- and its 2012 forecast to $130 from $105.
3) Barclays said they see these price as floor
1) Goldman raised its Brent price forecast
to $115, $120 and $130 a barrel on a three-, six-, and 12-month horizon and
- boosted its year-end target for Brent to $120 per barrel from $105 and its 2012 forecast to $140 from $120.
GOLDMAN PRICE TARGET SHIFTS
Goldman Sachs in April predicted a sharp oil price correction that materialized the first week of May, then issued a note in early May saying oil could surpass recent highs by 2012, before issuing raised targets for Brent on Tuesday.
Morgan Stanley on Tuesday also raised its Brent crude price forecast for 2011 and 2012.
Citing improved demand coupled with production lost to Libya's conflict,
2) Morgan Stanley raised its 2011 Brent crude price forecast
to $120 per barrel from $100 a barrel,
- and its 2012 forecast to $130 from $105.
3) Barclays said they see these price as floor
May 25, 2011, 2:49 p.m. EDT
Oil up as dollar helps investors overlook supply
SAN FRANCISCO (MarketWatch) -- Crude-oil futures ended higher on Wednesday, as a weaker dollar for most of their floor session pushed prices higher and made investors overlook an increase in supplies. Crude for July delivery added $1.73 to settle at $101.32 a barrel on the New York Mercantile Exchange, oil's highest settlement since May 10.
Oil up as dollar helps investors overlook supply
SAN FRANCISCO (MarketWatch) -- Crude-oil futures ended higher on Wednesday, as a weaker dollar for most of their floor session pushed prices higher and made investors overlook an increase in supplies. Crude for July delivery added $1.73 to settle at $101.32 a barrel on the New York Mercantile Exchange, oil's highest settlement since May 10.
can't sleep. so i decided to look at charts. what's a trader to do. 
Lindsey Williams said about a month or two ago we're headed back to $150-200/barrel. I guess I'll try to remember to buy every dip.
Lindsey Williams said about a month or two ago we're headed back to $150-200/barrel. I guess I'll try to remember to buy every dip.
Quote from NoDoji:
Funny, Schiz
I didn't understand either. I thought Blotto was referring to us day traders buying the with-trend consolidation on the 5-min chart, not a 1-month view :eek:
As for the swing view back then, that didn't look weak to me either. Double bottom support after making an all new high and on its way back up to test that high (which it did a week later). That failed breakout early in the month was a solid reversal signal.
This is my point exactly. People don't adequately describe the timeline they are trading. Not only is this unclear, it can lead to confusion and gives plenty of latitude to whoever is posting.
Yes the failed breakout is a reversal signal. However, when does it "fail" or is this only in hindsight? The point is that if you understand the underlying supply and demand conditions you can determine in advance whether a breakout is likely to continue or reverse. If continuation, you buy ahead of the breakout, and if reversal, you sell into the breakout. This principle is the same on all timeframes.
If you say the market didn't look weak, in fact was showing what you see as strength (double bottoms, support, new highs etc) - then how would you know to sell the FBO? Maybe you buy the BO long instead as you don't expect the market to reverse from there?
My point is that a $20 move doesn't happen out of nowhere. The market was in a weak demand condition for over a week before the top, with large interests giving positions to trend following retail traders.
I also said in my last post here that I considered the weakness to be resolved for the time being. The last two days have closed up.
