Oil rises to new six-month high.....Do I hear $75, $100, $150, $300

Quote from AMT4SWA:

I will say though, if the US Dollar has another big leg down the next 3 to 6 months, oil should definitely run north of the $100 level again. The CL market should stay great for trading into 2011......great daily ranges with lots of multi-day swings! :)
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Here's a comparison monthly chart of the US Dollar Index vs. CL and you can see some reverse correlation, some symmetry.


http://www.barchart.com/chart.php?s...ddindicator=&submitted=1&fpage=&txtDate=#jump

And you can see the range in October 2008 for CL. Nice short. :)

[Oct 2008] Open: 101.860 High: 102.840 Low: 61.300 Close: 67.810

And the USD Index range for November was big too.

[Nov 2008] Open: 67.370 High: 71.770 Low: 48.250 Close: 54.430

Here's a daily comparison and you'll notice the symmetry at the end for CL isn't quite in sync, thus my comments about it maybe taking on a life of it's own to some degree. Sometimes the psychology of trading realities themselves can override supply and correlations to the USD fundamentals. Of course there are other fundamentals and some of this is related to supply.

http://www.barchart.com/chart.php?s...ddindicator=&submitted=1&fpage=&txtDate=#jump
 
Quote from S2007S:

Do you actually think in this deep recession we have going on right now with MILLIONS of unemployed that oil can sustain a move above $50.00.

What do you think the price of oil is worth, because you know its not worth anything more than $35.
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Here again you let your personal bias interefere with making money. You keep saying Oil is only worth $35 but even your rhetoric seems to suggest you expected $100. So why did you not INVEST A WAD OF MONEY BULLISH ON OIL ????

Even back in May 2009 I remember many analysts unclear on Oil were still saying it could easly go to $70 again because that's where OPEC wants it before can release more supply.

Pick a bushel of Oil stocks in May 2009 and how would you have done investing in them now ? Now here's the interesting part.
Oil stocks do seasonally well starting in February, and the stocks themselves are lagging Oil. When the new earnings reports come out in 2011 they will likely start to indicate the extra money these companies make at $80+ Oil.

So do yourself a favour and go long Oil companies now. This is one sector that will be fine in 2011 regardless of overall market direction.
 
Quote from BCE:

CL is taking a detour on it's way to 120. :) Buy this pullback to 90.80 while you still can. :)
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BCE, kindly remove your 150 lots from the bid there @ .77 so price can comfortably continue on its way to 89.98.
 
Quote from NoDoji:

BCE, kindly remove your 150 lots from the bid there @ .77 so price can comfortably continue on its way to 89.98.
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I'm greedy and a bit of a control freak. Plus T. Boone is making me do it. :D
 
Quote from BCE:

I'm greedy and a bit of a control freak. :D
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Look, I'm onto that game. We all know price will break right through it despite your success at shaking icfed out of his position :D
 
Start to short oil, next week the northern part of the US is suppose to be about 10 degrees warmer than the past 2 weeks, I think Oil is dropping down around $85 in the next 1-2 weeks.
 
Quote from AMT4SWA:

Short term set up looks good here imo going into next week.....91.15 and 90.50 are my first targets (02-11 contract).
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$91.15's filled last night and next at 90.50/88.55/86.75 for the weeks ahead.
 
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