Looks like its gonna break 123
Oil 123.22 -1.01 -0.81
Oil 123.17 -1.06 -0.85
Oil 123.22 -1.01 -0.81
Oil 123.17 -1.06 -0.85
This is the last move for Crude --shaping up just like the wheat trade!
- Thread starter BlueStreek
- Start date
I know one firm's chief global strategist said it would take a "terrorist" event in the straight of hormuz to get oil over $100.
Economists don't make good traders... Right now, I would encourage everyone to question the mainstream economists' position that we will skirt a recession!
Economists don't make good traders... Right now, I would encourage everyone to question the mainstream economists' position that we will skirt a recession!
http://online.wsj.com/article/SB111270255444198252.html
Economists Tear Up Last Year's Predictions
On the Price Level That Would Stifle Growth
By TIM ANNETT
THE WALL STREET JOURNAL ONLINE
April 7, 2005
SHIFTING THE GOAL POSTS
[I made this screenshot from the WSJ article which sums up the survey]
"Economists and others are perhaps still struggling to understand how oil prices affect the economy," says John Lonski of Moody's Investors Service, who was among the economists who said in August that oil in the range of $50 to $59 could provoke a recession, but who now say it would take oil prices of more than $80 to slow economic growth.
Actually its something called the central limit theorem, if you add up enough random kicks, you will always get a normal distribution (This is of course subject to the assumption that the kicks are drawn from distributions with a finite variance). But as far as anyone can tell markets follow a normal distribution over the long term. Sure not over the next minute or even the next week, but over a period in excess of a month they follow a Normal Distribution.
But do remember the distribution is of the returns.
So the idea that that Oil could double over the next year is not impossible, but its highly unlikely in the next week.
Surely as the price of Oil, Steel, Wool, Rice starts to bite at some point demand drops off and when demand drops off the prices will come down.
Now if I knew that point ...
And I had the balls to hold it...
Iran knows what is up, they are storing so much crude in their ports that they can`t sell, oil consumption is slowing down bigtime, just read what the EIA says.
http://www.cnbc.com/id/24554092
This is the biggest market scam since the housing bubble!
http://www.cnbc.com/id/24554092
This is the biggest market scam since the housing bubble!
Its all about greed, you should know that by now, the oil bubble will end the same as all bubbles do....Oil will correct just as every bubble has in the past, ask those that were buying Lycos, Cmgi, INKT or even putting money down on condos in the florida area well before the development even broke ground. All bubble burst and so will this one.