I would be careful in this area shorties...
I'm looking to buy oil when it reaches the $35-$40 level.
"I'm too chicken to short here, but I feel confident it will drop much more."You should be a Wall Street analyst. It could go up but it might go down!You are confident but too chicken? Is that like saying that you are a vegetarian but only eat meat?
Another 10% will sure put a dent in oil prices, HMMMMMM, how many layoffs were ANNOUNCED just today..LOL..!!!!!!!!!!!!!!!!!!!!!!!!!!!
I would figure about $1.00/gallon by January 2009. The U.S. has shed 1.2 million jobs this year and about half have been lost in the past few months.It is no wonder U.S. oil consumption fell 10% in four weeks.
Well, so much for that theory.
I see you are a 33 year old male, your info says. First year in the markets? Better change your thinking ways immediately.
Your short-term thinking will be the death of your account funds. Assuming something based on an intra-day move is completely idiotic.
Those who are short should be covering in this area. If not, they are just greedy gamblers...just like the longs were in the $140s.
why? its all supply and demand. right? LOL