Closed my position and just bought SCO. Saudi Market will be fully propped-up, and Oil will be "stable" by morning. Plus two days of large POMO and no gvmnt shutdown. Add positive news on Gadafi and the market could be hitting new highs as early as tommorow..
Mideast money is going into gold and oil not SA market, reality of oil is that the companies that work the oil are pulling out so that stability thing won't relate to where ever they are bugging out, POMO only works on light volume days and these aren't light volume, and if Gaddaffi leaves, the order that was in place for forty years goes with it just as the Republican Guard in Iraq started massacering and setting fire to wells.
You would be better off making a technical argument of retracement w/o other bad news...before more bad news that is coming.
In 2007, Saudis said........ why would you buy anything but silver and gold. And I have none of either by the way. They also said, the only oil company left might be Petrobras.
I think the oil companies are coming to an end. I have no idea if there is oil left or if that is some sort of spoof.
I "beleive" the Saudis though as this was a speech from a while back.
Be careful. Be very careful. Obama wants this green thing, and electric vehicles.
Although I also remember the original guy they fired from GM saying he wishes they never stared on the Volt. Why would that be? Free energy? thats conspiracy, right
I am not sure whats going on here. But they all know.
Also the saudis said they would not buy anything that was not FDIC insured. I thought FDIC was broke. This was 2007 though. But alot of truth was spoken then as opposed to now.
I had stated:
That 100 mark has a built-in psychological-barrier ... IF
that barrier is broken through and closes above the 100 ... THEN
it's quite possible the price may litterally explode to the 110 (the next 'psychological-barrier) ... OR
like the way it exploded from 85 to 95.
Of Course, this is all JMO
I continue to believe this possible.
Sentiment/Disclosure: Bearish the Markets, All Cash and Watching the 'Bernanke' Dollar
Im back into SCO, I missed the top of UCO if this is the top but I can't gamble I'm trying to catch the swings take a profit and wait for the next one, we'll see. Good luck to everyone either way