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Post by The Goose on Aug 5, 2008 13:59:35 GMT -5
Just broke through it's $120/barrel support.
TIMBER! I've been shorting USO for the last week or so . There are many ways to play it. You can go long on some ETFs that short oil. (Like DUG).
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Post by The Goose on Aug 5, 2008 14:01:14 GMT -5
You can also short DIG.
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Post by The Goose on Aug 8, 2008 9:56:31 GMT -5
WOW! Oil just hit 116 today! If it closes below 117 then it's over. Heard on TV that there are lots of stop losses placed at just below the 117 mark. That's the support they say.
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Post by The Goose on Aug 15, 2008 9:48:11 GMT -5
Oil still falling. i think it still has ways to go. 100/barrel is a strong psychological number. Start taking profits when it hits around 103-105/barrel if you have been shorting oil. If it falls below 100 and closes below it, wait for a bounce back and then short it (just like it did around 113). It will go lower. But you shouldn't have a big short position in it below 100. Don't be a pig. Be glad you shorted oil and be glad you made money in this crazy market.
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Post by The Goose on Aug 20, 2008 10:49:57 GMT -5
Will test the 110 mark now. Inventories was up huge!! Over 9 million barrels!!! They were expecting 800,000. www.cnbc.com/id/26298580
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Post by The Goose on Aug 27, 2008 16:36:50 GMT -5
Looks like oil is trying to hang in there. Using every excuse in the book from war with Russia to Katrina II hurricanes. Driving season is ending this week. After hurricane season is over and the election news hits front page, we will see each candidate talk about reducing dependence on foreign oil. Oil will probably be up until Friday. Once we see how bad (or not) the storm is this weekend, we could see a drop if it does very little or no damage to the oil fields.
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