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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8935
Forum Topic:

Gold, Oil & Indices (Equity & Bond Indices)

Discuss Gold, Oil & Indices (Equity & Bond Indices)
 
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Qiman
New Mexico , United States
Posted Anonymously
14 years ago
Jul 22, 2010 15:16
Yes, oil is once again defying fundanmentals and logic, and if this current S and P breakout gains further momentum, could see it going towards 80 fairly easily. At times oil is basically a proxy for the US market, and that looks to be the case currently, yesterday's supply report is quickly forgotten. Emotion trumps reason more often than not. I am not shorting oil here for now unless it is for a quick ride intraday.
Frog
Paris, France
Posts: 28
14 years ago
Jul 22, 2010 15:03
not today... nor tomorrow... if euro jump after the stress test cl might rally as well.
chloethebull
Canada
Posted Anonymously
14 years ago
Jul 22, 2010 14:29
any1 thinkng on shorting oil @78?can;t beleive were its @..lol..ok gl guys
Qiman
United States
Posts: 237
14 years ago
Jul 22, 2010 2:16
@Chloe, I agree the fundamentals are weak for oil, it was driven up largely by momentum, but the latest storage figures from today may have crushed that momentum, along with the stock indexes crumbling after Bernanke. So CL may just give back some of its recent momentum gains, certainly worth watching for a drift downwards and some shorting ops. Friday's stress tests may very well help the markets towards clarity and firmness in either direction, and then hopefully we can play some usuable trends. But in the meantime tomorrow could bring about almost anything!
chloethebull
Posted Anonymously
14 years ago
Jul 22, 2010 1:07
not having the best trading mth...find myself playing way too tight ..need to losen up a bit ,missed out on my oil short @78.50..it hit it for a second when i decided to short it fell back an never recovered back to 78.50...1 thing i found different today was markets crashed when bernake talked about low rates extended period of time, when over past 6-8mths risk appitite increased off such statements,sitting pretty flat except for some shorts on gold not sure what too play,thinkn mayb short oil on any buying..fundalmentals are sooo weak i can;t beleive oil is trading were its at, once again below 200dma..s&p failed to reach 1100 so mayb we are heading lower to test 1000..any ideas out there?ok guys thanks an gl:)
Stationdealer
UK
Posted Anonymously
14 years ago
Jul 21, 2010 19:09
Equity markets looked like they'ev been holding for Bernanke's semiannual report, with stocks trading along the flat line on uninspiring volume, and 10-year Treasury yields near a three-week low. If only Gold would do the same as what copper did today.
Qiman
United States
Posts: 237
14 years ago
Jul 21, 2010 15:40
That unexpected stockpile rise just made you some money! Could indeed be the start of a clear reversal in the trend, congrats!
Qiman
New Mexico , United States
Posted Anonymously
14 years ago
Jul 21, 2010 15:37
Well, CL just took a major dive out of the blue, so you may do very well, we will see out the day turns out.
Qiman
United States
Posts: 237
14 years ago
Jul 21, 2010 15:30
It certainly is near a major restance level, but since I could see it going up another dollar or more, I will wait until the chart shows either a clear reversal, or even a break through the resistance. If you can risk a dollar or two per contract as implied, then it may turn out well for you. Good luck!
Stationdealer
London, UK
Posts: 715
14 years ago
Jul 21, 2010 14:52
Qiman to me it looks like a very easy sell, unless it proves me wrong.
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