Oil should be no more than $60-65. The speculators are back, trying to pump it up again. They are taking money out of my wallet at the gas pump. I'd like to punch one of these pricks right in the face. I think oil is going to get hammered. I have puts, and I'm ready to buy more.
I agree with you both that oil is way over valued when looking at fundamentals, and I agree that the flight to the US Dollar should make oil more expensive for foreign buyers...but everything I am reading today suggests that oil will trade higher starting Sunday night because they(the crooks) now belive that the recovery is gaining steam. All of the news articles I read this a.m. state that the Dollar is up bonds are getting killed and commodities are rising...???? I just cant figure out where they are getting their commodity info from, since I dont know where it could be trading>????
False, read previous post. Liquidity that simple we have peaked to primary dealers and look out below since there are no fundamentals. Ever wonder why certain stocks or instruments trade at say book or cash value and you wonder why it keeps dropping? Liquidity both ways baby.