You should be a buyer when stock is falling and seller when stock is up huge. When stock is huge up, smart people is selling. And vise versa when everyone selling time to buy. I'm talking about financially healthy stocks.
Wow, at this price most of us will just keep accumulating. The shorts are going to get killed today -- the betting was for continued sell-off in oil -- it didn't happen. Oil is now up $5 today with no bad news except decreased gasoline inventories which anyone could have predicted at some point as refineries cut back on gasoline because.....hey, folks are driving less around the world, including Cgina where they are taking millions of cars off the road.
Remember, the "pipeline" for everything these days, including oil/gasoline is about two weeks, so one can expect movements in any commodity to precede scheduled events by about two weeks.
In this case it's the Olympics and with China cutting back on energy for four weeks, refineries planned for that by cutting back capacity.
What no one expected was the $25 swing in price of crude these past two weeks especially when everyone, including Iran, felt oil was priced too high.
Just this a.m. the Delta Airlines CEO said he expected oil to go below $78 by end of year (2008).
So much for those prognostications unless you think oil is headed back down tomorrow.