Oil Limit Up - I Am In Awwwww

[abducens]

When it hits 150 then Goldman will call 175 by end of July and so on. Could gas hit $5 a gallon this summer, I hope not .

 

[EMRGLOBAL]

lol, shorting oil is just stupid.

You had a chance to buy some contracts at 123 or so.

 

[MrDODGE]

Quote from tschmidt1234:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNrvd_rk.PUs&refer=home



I'm going with Mr. Lee here. I find it pretty unusual that NFP would beat the analyst estimate and yet it still sparks a sell off in dollars, a buy up in oil, and consequently a sell off in stocks. Look for a recovery on Monday!

We will probably see a recovery but don't expect 200+ points.

 

[timscott]

Scmidt = oil was up on dollar weakness from europeans raising rates + Israel talks of attacking Iran.

IMHO todays sell off was a very small part the hike in unemployment, but more so the spike in oil.

Oil up was driving the market down, not vice versa.

 

[riskfreetrading]

Quote from timscott:

Israel talks of attacking Iran.
.

zero effect on the market. everyone knows that I. cannot attack I., because I. lost to the small proxy of I., so why would I. attack I. ?

PS: In slow motion: I.= Israel, I.=Iran

 

[Sparohok]

Quote from opm8:

No, that was by no means a reversal confirmation.

Well of course not, because it went back to 138!

"Confirmed reversal" is like "bear market" or "recession"... it is retrospective by definition.

Martin

 

[nokomisjeff]

Well......oil is in a bull market until confirmed otherwise.

There's always a bull market somewhere, whatever the economy does.

 

[Spectre2007]

one of the hallmarks of tops and bottoms is the increase in volatility from previous levels...

take a look at any long term commodity or derivatives chart and look at the price structure and time period bar size..throughout ..

 

[tschmidt1234]

Quote from timscott:

Scmidt = oil was up on dollar weakness from europeans raising rates + Israel talks of attacking Iran.

The first spike in oil occurred directly after the NFP announcement. The negative correlation between dollar value and oil is holding steady. The second spike in oil occurred mid-day EST. I don't know if it was related to Mofaz's remarks about attacking Iran, but there is some speculation there. At any rate, the dollar has recovered about 150 pips on the Euro today (Monday), so I stand by my original statement...