Click chart to enlargeSeems like just yesterday we were pointing out that OIL could be ready for another run to the top of its channel, and here we are, nearing the top once again. There's still time to get the "cheap" gas at the pumps before the new deliveries are made.
Death of the SUV and the U.S. economy all in one fell swoop...
thanks Bush!
4 comments:
Snot your comments have made me some serious money in OIL. I was expecting oil to shoot back up but so many articles were saying that oil was finally on downtrend after recent ride up. I started to doubt my analysis, then you made a post about OIL that reaffirmed my own conclusion I decided to get in on the trade. So even if you don’t execute any new trades for week or two. Please continue to post your views on general market or sectors that you see as becoming hot or cooling off. A post or 2 every week would be awesome just to see your views.
Oil up over +$9.00 a barrel in one day?? Amazing that the DOW isn't down -600 pts.
If you're still short BCSI, I would cover now. It generated a buy signal on monday, and it is very close to generating a second buy signal. It hasnt yet, but I wouldnt risk it.
You're welcome, TraderMike. Although we haven't bought oil, it's important to watch because it's the current "story", and will continue to determine the market's health over the next few months. At some point, there will be a serious drop in oil prices once revised demand statistics are factored in. It's our opinion that people are combining errands, not taking weekend trips, etc, now that gas prices are nearing $5. There was a lot of bravado at $4. People shrugged it off. Gas isn't a big bill, so who cares. As we near $5, we see those attitudes quickly changing. Sales of locking gas caps have tripled. The primary manufacturer, Stant, trades under such a large conglomerate that you cannot invest in Stant itself. We did all the research, hoping to bring a good investment idea to the board, but were disappointed to find that there was no direct way to profit from the gas theft craze. We're still long MOS, CF, POT and AGU in no particular order. No reason to sell. They're roughly at midchannel, but are on the way up, so we're letting them run a little more.
We own some DXD, too, but not enough!
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