" I just think Saudis dont operate in a vacuum"
These days they seem to. I'm not sure what Russia (or anybody else for that matter) can do about it.
Read my posts oberheim8. The absolute floor is 20/bbl which is what it costs the Saudis to get it out of the ground. Alwaleed says they will not blink. I believe him. They want market share and to drive the other players (frackers, sanders, etc.) under.
I have been consistently right on oil. Read my posts.
Long on ad hominem, short on substance. Let's compare posts. I read some of yours. I saw nothing of value other then "you can't pick the bottom" ... Brilliant!
Now, read mine ... go back to SEPTEMBER when I was calling oil short AND EXPLAINING WHY it had been and would continue to drop and why I put my money where my mouth is with SCO. I've tried to explain that a number of times to the bulls here but they are not only deaf, they have no idea what USO even is or does.
I also appreciate your long history of posts here going all the way back to DECEMBER 31, 2014! Holy Cow ... YOU know what you're talking about!!! LOL!!!
And it won't affect the actions of the Saudis one bit ... you know ... the ones who control the price.
Amazing how many don't catch these things ....
Good point of view. As I have said, there will be a catalyst that will turn things around ... just like the catalysts that sent oil to $45 (so far). However, that ASSUMES a V-shaped recovery. You can't assume that. If the goal of OPEC is to suppress competition, we could bounce along at these levels for a long time. I added a little back to my short (SCO) the last few sessions. Takes a strong stomach, but it's all house money at this point anyway. GL.
Stocks always fall faster than they rise. That's not surprising. What is surprising is that this one is falling at all.
I don't know where you get the $5 figure. It's closer to $15-$20. Still cheap. You have to combine exploration AND extraction costs.
$45? Really? Where did you pull that number from? Did you have to bend over to reach back there? It costs the Saudis about $20/bbl to get their oil out of the ground. THAT is the TRUE floor price for oil.
Agree. Yesterday and today look like one of those bumps based on pure speculation. I wouldn't call the floor at $30 to $35 ... I'm not that smart. Oil will stop going down when it stops going down and there will be a catalyst that will turn the tide. Most likely it will be when Saudis cut production ... finally.
If you are a day-trader, bully for you.
I don't pay much attention to the Dow. It's such a poor measure. SPY and QQQ, yes.
No doubt it "bottomed" on Friday at about 11:30 and yesterday about 10:45 as well. You could be right. But you could be catching a SHARP falling knife. No way I have the patience or temperament for that kind of activity. As I've said, oil will stop going down when it stops going down and there is a catalyst to turn it around. That's when I will switch to long. Anything else is just a guess. And we could be bouncing along at these levels for a long, long time.
Again, if you day-trade, more power.
OK. First, yahoo doesn't delete posts. If you had been here more than 20 minutes you'd know that. Second, there's an "ignore" option. Go ahead an ignore me if you're really an idiot.
I looked at your posting history. I see nothing but personal attacks about "brown shorts" and correcting grammar (sure sign of a loser).
Bottom line: you have no creds.
My creds are in my posts ... going back months on oil with the RIGHT CALL and the logic that drove them which was spot on and which others are just starting to talk about. You should read 'em. You might learn something ... and maybe even make some money.
My recommendation to you is the same as my recommendation to all trollers; shut your pie hole, 'cause based on what you write, you don't actually know anything. If you choose not to, expect other posters to look closer to figure out where the true "moron posts" come from.
What does that have to do with " Oil to 20 and USO to 10"
I didn't address the price of USO. I don't give a s- about the price of USO. I talked about the price of crude. And again, for the hard of reading ... it will bottom ABOVE 20 because that is the cost of OPEC members to get it out of the ground.
As for "the board moron" you base that on what? The fact that I have a ... wait ... let me check the latest ... triple+ in SCO in 4 months ... DURING WHICH TIME I CALLED OIL LOWER and EXPLAINED WHY IT WAS GOING DOWN and WAS RIGHT ABOUT BOTH?!
Where were you?
Saudi Prince Alwaleed says 'we will never see $100 oil again. OPEC will not cut production because they have learned that if they do, they lose market share'. This is a paraphrase, but it makes complete sense. When you drive up prices you are bound to bring other producers into the market. This is a LONG TERM shift in thinking ... not a flash in the pan.