Nice little gain for you. I'm gonna ride this new bull for a while. The only impediment right now is the foolish shorts jumping in and double or tripling down thinking the downtrend is intact. I cant wait until we start to see a big short covering rally in the coming days. WTI will be above $60 before you know it dude....
Excellent point. This will just add fuel to the fire, no pun intended. I was out on the road yesterday and you wouldn't believe all the traffic. People are driving every wheres due to the cheap gas prices.
But more so, low oil prices in the $40 to 50 range just couldn't last for a sustained period of time because the average cost to pump this out of the ground is way higher. I wouldn't be surprised to see oil prices hit the $60 to 70 level before the summer and back to the $80 to 90 range before the end of the year....Sammy
Wasn't ready to subscribe that the double bottom of two weeks ago at $42 denoted the end of this severe bear market in oil, but I just threw in the towel after WTI decisively broke through $50 this morning, propelling WTI up over 20% in less than three weeks. Now I'm prepared to ride this early bull market in oil up. Did any other shorts change course yet? Sammy
And with heavy volume early this morning. The street seems to love these high-tech internet companies irregardless if they make a profit or not. Could this all be very short lived? So what you thinking the overall potential is on this one?