I don't trade energies, but I do make ballsy predictions:
<b>Oil to $88 by the end of the summer. You'll see.</b>
<b>Oil to $88 by the end of the summer. You'll see.</b>
OIL to $80
- Thread starter patbateman
- Start date
why 88 Metal? Any reason in particular? I am definitely bullish, but the last two days (Fri and monday) are giving me doubts. Today's price action was slightly bullish though. It sold off down to 73 bucks and then rallied 60 cents at the very end of the day to end down about 50 cents or so. Is this the buying opportunity i have been waiting for? I dont know. I do know that things are cooling off in our economy, china is raising rates and hurricanes are nowhere to be found. Its tough to say where this is going in the short term, but i think we must err on the side of bullishness.
I agree, I don't think we will see oil below $70 for a very long time and definately expect at least low to mid 80s in the near future.
-TheActionKid
-TheActionKid
On second thought, it appears I do in fact trade energies after all.
Quote from Cheese:
There is a dealers old maxim, 'Strongest at the top; weakest at the bottom', which means sentiment always gets it wrong.
Yes, you are correct.
But this also reminds me of some of those high flier dot boms in pre 2001 nasdaq when they were trading $300 or more on no earnings.
All I could think was " I really need to short this", but I couldn't pull the trigger.
And then it went up $100, and in my mind, I knew that I was right, but I knew that I could get crushed before I would (eventually) be proven right.
Feels a lot like that right now - things are getting nothing more than stupid. Political impacts are coming and that should start to resolve this idiodicy.
contango,
You were right, the first push up couldnt really give it legs. The pullback was healthy and now it is ready to go parabolic. I seemed to be about a week early in my prediction, but thankfully i have stayed with the trend and didnt panic. after the day session, it traded up a dollar to 78. Beware crude, dont short it.
You were right, the first push up couldnt really give it legs. The pullback was healthy and now it is ready to go parabolic. I seemed to be about a week early in my prediction, but thankfully i have stayed with the trend and didnt panic. after the day session, it traded up a dollar to 78. Beware crude, dont short it.
The good thing about last week is that it pushed momentum right back into neutral territory so crude is not at all overbought right now. So we could see an up spike Friday if we don't see any moderating actions out of the Middle East.
But most longs should already be sitting on some very healthy profits. I imagine that a lot of the European refiners are triggering their unleaded EFP's at these levels to lock in their physical prices to the US. When this all blows over then I suspect we'll see a big dip on profit taking. I'm considering taking some profits now as well but every man and his dog wants to be long crude going into the weekend.
Anything could happen come Monday. Iran could join the fray. Kim Jong Very-Ill could fire some more rockets. Who the hell cares about the fundamentals of supple and demand in this situation? All we care about is the risk perception of Joe public. This sort of thing feeds on itself.
But most longs should already be sitting on some very healthy profits. I imagine that a lot of the European refiners are triggering their unleaded EFP's at these levels to lock in their physical prices to the US. When this all blows over then I suspect we'll see a big dip on profit taking. I'm considering taking some profits now as well but every man and his dog wants to be long crude going into the weekend.
Anything could happen come Monday. Iran could join the fray. Kim Jong Very-Ill could fire some more rockets. Who the hell cares about the fundamentals of supple and demand in this situation? All we care about is the risk perception of Joe public. This sort of thing feeds on itself.