Oil: I call short term bottom right here

[1000]

Quote from niceneasy:

things that are annoying to me:

1.) people calling bottoms. especially with no logical reasoning and no plan...

2.) people celebrating when they are right on a trade

3.) people beating on other people that are wrong on a trade

4.) shilling

5.) mulitiple aliases

6.) openly hostile and aggressive posters

this thread seems to celebrate all of the above... yet i can;t seem to stop looking at it... its like reality tv...

So what's the solution, apart from pointing out the obvious, may be there is a need to heal, or heel, depending on your outlook in life.

 

[1000]

Quote from Rearden Metal:

Oct. crude now trading $63.73

That's a short term bottom. I see the future.

May be, but

If the US is the biggest consumer of oil, and the forex is trying to weaken the dollar to increase the price of oil,

And there is an economic slowdown going on, this may be a sell into the rally,

Because a weaker dollar, and higher oil prices, with a slowing economy is a paradox in itself,

Also, the market has to correct or consolidate at some point, all that has happened over the last couple of years is the market partially correcting itself,

And with everyone living longer, an older population may be more conservative, resulting in a rolling bear market.

 

[Rearden Metal]

Quote from 1000:

May be, but

If the US is the biggest consumer of oil, and the forex is trying to weaken the dollar to increase the price of oil,

And there is an economic slowdown going on, this may be a sell into the rally,

Because a weaker dollar, and higher oil prices, with a slowing economy is a paradox in itself,

Also, the market has to correct or consolidate at some point, all that has happened over the last couple of years is the market partially correcting itself,

And with everyone living longer, an older population may be more conservative, resulting in a rolling bear market.

Just to clarify:

I started this thread on Sep. 12th.
On the second page of this thread, I wrote:

Quote from Rearden Metal:

It'll gap up tomorrow. I'll look to exit on the open, at least partially.
Easy money.

While that part was right, It was a tradable bounce situation, but <b>not a short-term bottom</b>. Once again, I was incorrect in calling it a short-term bottom.

I got out of this trade almost two weeks ago. <b>I am no longer long oil, and no longer bullish on oil. I'm flat oil.</b>

 

[volente_00]

Quote from Rearden Metal:





Once again, I was incorrect in calling it a short-term bottom.

You just might be all right after all.




Asa lama lakum

 

[BCE]

Quote from Rearden Metal:
If this means you'd like to call a truce & be friendly from now on (And really, what's the point of fighting on the internet?), a truce would be fine by me.
Sa'alam...

Quote from joeyata1:
A TRUCE IS FINE WITH ME. with your vol you should be at .0015. you need to smack the ceo's head. cost for echo to clear is about .0005 a share os so. i actually have nothing against any religion or race. i have many jewish friends and i admire there tenacity. when you've been trading 17 years every second you come across all types i posted my computer setup under the hardware section. AS YOU WELL KNOW THE BATTLE IS AGAINST THE MARKET EVERY DAY AND TRADING CAN BE A LONLEY GAME AS YOU HAVE LITTLE HUMAN CONTACT WHEN YOU TRADE OUT OF YOUR HOUSE.

What's wrong with you two?!!!!! What the hell are we supposed to read for entertainment now?......................................kidding

Sa'alam...

Ahhhhh..........There you go.

 

[1000]

Fact remains, that what would happen to Japan if there was a bear market. It would be powerless to stop China engulfing.

So the Fed has only one option, to keep printing more money.

 

[diligent]

definitely not at bottom yet, imo. not even close.

 

[apex82]

Looks like a decent short term bottoming forming here. Looking to short the first pink zone with a tight stop. If you want to be conservative, wait for the second zone where you will have best risk/reward. But you might miss the trade. Looking to get down to test the left shoulder for first profit target and then BE stop runner down to 58.90. If breaks up above both zones with force, look to go long with first dip.

 

[BCE]

Caught a good part of that tank down to 60.575 a minute ago. Couldn't see any news. Oh, well. Back to work.
Missed the bounce. Getting ready to reshort the little tyke.
BTW the index bulls seem to be living in delusional fantasy land today fueled in part by the bs from the Fed governor yesterday. But we just trade em.

 

[polpolik]

It's too funny how most people just follow what they read on the news. A month or so ago, people were calling it the end of the world and that $100 oil is close at hand and that oil is going to destroy the economy.

A month or so later, everyone's talking about how oil prices will fall back to 30s and 40s. Goes to show that most people don't know sh*t (me included )