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SPDR Dow Jones Industrial Average ETF Message Board

nycenvironmental 1 post  |  Last Activity: Aug 3, 2014 7:30 AM Member since: Feb 10, 2009
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  • nycenvironmental by nycenvironmental Aug 3, 2014 7:30 AM Flag

    Here is my take on oil: Oil prices have been and continue to be controlled by large financial institutions. They trade based on real facts, but predominately trade on technicals, sentiment and speculation. A single report, news event or weather forecast triggers chain reactions that multiply the extent of price movement in either direction. This week, there is a good chance that speculators will add to Long Positions due to the Islamic terrorists in Iraq as they did earlier in the summer. This will trigger short covering and send oil towards 100. When oil breaks 100 in a certain direction, it tends to continue in that direction. We will probably see 99-100 this week and 100+ soon. The point here is that the disruption in Iraq over the weekend was only 20,000 barrels pd or 0.02% of what the world uses, but the speculators use events like this to start a pile on into one side of the trade.

    Sentiment: Strong Buy

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