Oil to 50 or 70??

I think the question is 65 or 55.

If so then 65. I doubt oil can get back up to 70. But a bounce to 65, then sell off into the 50's seems more likely. I think it will fin some support here at 60.

Probably a good time to enter. I went long at 60.05
 
Here is the monthly oil contract going back to the start of the bull run low in 1999. Looks like the first correction was from $34.00 to $20.00 or say $14.00. The one before that was nastier from $23.00 to $2.00. UUGH!! This was over $20.00. This was a brutal decline from 1997, to its low in 1999. Hard to believe. This current decline is from a high of $81.00 to now roughly $60.50, over $20.00 so far. Looks like it is headed for $50.00 but someone should step around $55.00. If it cracks $50.00, look out below!! Bull run looks intact to me. Here's my recommendation
CLZ12 - dec 2012 contract @ $59.50. This is surely a bargain if oil ever goes back up again.

:cool:
 

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Quote from 5Pillars:

Jayford drives an Isuzu....he can't stay in the lines. :D
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I must admit I don't understand this reply. But...

Yep, I cheated, didn't answer the question.

Exactly.

As for my vehicles, good guess!

I once had a 94 Rodeo! Great car.

Now I have an Astro van with approx 200k on it (to haul the toys), and an 03 Audi TT (which I rarely drive).

Jayford
 
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