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Oil Run up
- Thread starter SCI new york
- Start date
Quote from scriabinop23:
All of these 'bullish' excuses aren't that bullish. Look at the history of crude after blowoff tops ... It collapses.
It didn't collapse last year at $99 - went down about 13%, then ranged, then blew through $100 to new highs.
We already had a correction from $134+ to $121 in the last week or so. Then in 2 days that whole decline got erased, and we move limit up to new all-time highs on massive volume with the biggest price advance since the *first* Gulf War. That looks like pretty bullish action to me.
Really, if you are shorting here, I have to ask what it would take to make you get long. A strike on Tehran by Israel, followed up by a US land invasion of Iran, announcement of a $1 trillion purchase by the strategic petroleum reserve, and China announcing it needs another million barrels a day for its energy needs? Funnily enough, I think if ALL those things happened, you would STILL be thinking up reasons to short crude.
Quote from LuckyGirl:
Why has trade not stopped if it has reached limit up?
Read the contract specs:
www.nymex.com
There is no daily limit on the oil price. Trading just halts for a few minutes, then resumes with a new $10 "circuit breaker".
Quote from ByLoSellHi:
I told everyone that this bullshit with crude was going to crush the equity markets.
I don't care that I was right or wrong, but there's no doubt it's happening in front of our eyes.
Now the question becomes what the hell is anyone going to do about it, because this is a crazy ass, serious, damaging situation we are facing.
We have an incompetent federal reserve; that's apparent. Bernanke went two or three cuts too far, and this is what incompetency brings you. I won't even get into the every other incompetent branch of our government.
since anyone complaining of pointing out the negetive deliterious effects is being smeared with some socialist, communist name calling by those in support of these conditions,
then, a simple solution would be for Geo Bush II to show his commanding, authoritative leadership and get out in front of this "thing"
hey, after all, isn't he an Oil Man?
hey, after all, isn't this what these last 8 years were all about anyway?
hey, after all, with stocks going up, oil going up, with stocks going down, oil going up,
hey, after all, isn't this what the Texas Delegation has wanted all along?
Quote from Cutten:
Really, if you are shorting here, I have to ask what it would take to make you get long. A strike on Tehran by Israel, followed up by a US land invasion of Iran, announcement of a $1 trillion purchase by the strategic petroleum reserve, and China announcing it needs another million barrels a day for its energy needs? Funnily enough, I think if ALL those things happened, you would STILL be thinking up reasons to short crude.
So true. If the US defense dept found out that Osama is in saudi arabia and a nuke was sent there the next day gapping crude $100 in one day, marketsurfer would show up saying that its the short opportunity of a lifetime and oil is headed to $1 by 2030
Quote from spidey:
Why are the producers blaming NYMEX/Speculation for the runup? I don't understand why they would just not say they can't meet demand. That's why, coupled with the testimony on the hill, I say the price is manipulated.
its remarkable that this statement (so as not to be insulting or question you) has the premise that this is a supply / demand issue, as its being handed to the public on the CNBC / BiTV, CNN HN, etc. news media....
its remarkable that all the congressional testimony and even oil industry sources which challenge these lies and notions that the justification of the commodity / oil prices are supply / demand related....
its remarkable that even the Saudi Oil Ministers who have publically said that world demand (and they have all the credibility over a, say, Boone Pickens and Dubbya Bush II types) is []bnot[/b] what is being portrayed in the media, and they are meeting it as a member and OPEC and non-OPEC countries, hence, another nail in the coffin of the false supply / demand arguement....
its remarkable with all these other threads on ET, and other sources, and most importantly links to other industry articles as further proof, one can then choose to be ignorant or simply ignore these more credible sources, since you or someone else might argue with me calling these sources "facts", I used the more moderate term "more credible sources"...
its simply remarkable....
Quote from Cutten:
This thread is an instructive lesson on how to trade. Just do the exact *opposite* of everything recommended on here, and you should have a very promising trading career ahead of you.
EXACTLY! I have been a raging bull on oil over $40 lower and people acted like I was a lunatic or clueless.
But I will say that this action is signaling that an intermediate top is around the corner, the volume was just massive today, a fair number or shorts threw in the towel today, although judging by the media and the Elite Trader contrarian indicator, we still have a ways to go to blow out the rest of the shorts.