Has the bottom to oil been seen? There seems to be a turn in the tide with GS reversing their view from bear to bull. I'm tugged both ways at this time. The idea that production margins are getting very slim with today's level of economic activity seems to be driving this change in direction. Tiger, did GS send out a notice to its investors to load up long on oil?
I always like your sharing what trades you make and the longer time frame price projections you throw out there! question? Do you always rely on chart direction? or sometimes gut,fundamentals,or the girl at the coffee shop Lol! Gold 2k I can see that. Silver 100 bucks? not unless we see chaos world wide! 180 oil that would devastate all world economy's In all fairness by the end of the year at some point IMO silver 45 at best gold 1650 oil 120 and that's a reach! just my gut. It could be indigestion Lol!
I agree that crude is now a solid dollar trade. If the Euro mess continue to get worse (and it will) then we can expect downward pressure on the trade. As of right now, I'm continuing to buy it when it dips below 97.50 and I'm selling at 5% profit. It is working so far.
Oil is still a $ trade. GS and MS can pretend it moves based on the fundamentals, but I think they are just pumping it so they can get out before the end of QE takes it down more. That and the global economic fundamentals aren't looking too hot anyway.