The Fed is buying their own product and causing inflation in the process. The US dollar index made oil much higher in US Dollars. The game has changed as of yesterday afternoon. Glad I bought a few lots around 31 Canadian. But this may still go down a touch by next week. But make no mistake I am long this play and trade it at the same time.
I don't have a crystal ball. I trade based on probability. The probability that this continues to run up after a 53% run up in 4 weeks is less then 10% based on statistical evaluation. It's already started breaking down. I'm not saying "get out of your long positions." What I am saying is take your profits and buy back in on a dip. Unless of course you feel the market only goes up. But that's what the ever present "THEY" want you to think.
Suncor Energy Inc (NYSE:SU) - Significant appreciation in common stock price. March 16th, 2009 · No Comments
Suncor Energy Inc.‘s (Suncor) common stock price has increased significantly since our last rating change, reflecting a rise in crude oil price and market volatility over the same period. As a major oilsand player, we expect Suncor’s profitability to be impacted by anticipated low oil prices during FY 2009. Given current price levels and as we do not expect a recovery in oil prices until FY 2010, we downgrade the common stock from a HOLD to a SELL. We will reassess the common stock rating for Suncor after it announces its 1Q 09 results on 23 April 2009. As we continue to anticipate a negative currency impact on the NYSE