Oil Getting Crushed...

Quote from mhashe:

Went short at pretty much the high of day. Shorted after the double intraday top that tested confluence of resistance. eg. Spinning top (candle stick) followed by narrow range day, then todays weakness. Fib retracement( taken from yearly low to high), trend break, over bought at upper price channel etc.
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Actually, you were ahead of me on this one. After compiling and processing my bond data this weekend, I was left amazed by the magnitude by which market bias had dropped last Friday. Bonds are not undervalued anymore because of the change of sentiment that took place Friday.

I still think that a 'long stocks/long oil' position is a winning hedge to maintain.
 
Quote from Babak:

Almost right. If you follow the money to its final destination it would be OPEC and non-OPEC countries. A lot of very happy Sheikhs and Mullahs.
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what about alot of americans in texas,wyoming and other oil/gas producing states? alberta? lots of people very happy with high oil in those places also. but compared to the opec countries its probaly pretty small.
 
Wow, oil went all the way down to +1.17 at $67.30, so cheap. LOL At least it might get fuel cell technology moving faster. Then we won't be giving so much of our money to the terrorist oil countries.
 
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