marketsurfer, how does it feel to be wrong?oil $79

Quote from syswizard:

Nice call Surf !
More...


thanks. nailed oil on the eve of new orleans hurricanes both times, looking like its going to be 3 for 3 with black gold.

best,

surf
 
This was a nice short! A classic "Trader Vic" 2b pattern. I saw it but hesitated on pulling the trigger, and missed that big down day recently. Anyway, I'm a long-term oil bull but right now I think we are headed below $70. I think it will need a bit of a washout for longs before the price can recover. But once that occurs, I think we'll edge up again and go into new highs, eventually up to say $95ish.
 
Quote from marketsurfer:

still in support of idea. stay tuned, oil going down.

surf
More...

your a prophet. oil should be around $120 around the end of the decade
 
Oil is due for a major pullback sooner or later, but the fundamentals are there for new all-time highs. Crude strength is two fold: supply/ demand, and weak USD.

The supply/demand situation is unlikely to change, but when the dollar stops falling crude should start to level off. I would not be suprised if the Chinese sold a few billion USD reserves to flex their muscles either. Any kind of supply interruption and crude easily spikes to 100. I honestly don't understand how anyone can short given the risk/reward.
 
You must log in or register to reply here.
Back
Top