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Old 07-11-2008, 08:16 AM   #21
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Crude oil hits record high $146.90, as USO is trading at $118.65 before the market open. My incredibly vague prediction may have become true, yet again... but we shall see how things go.
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Old 07-11-2008, 08:18 AM   #22
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Crude oil hits record high $146.90, as USO is trading at $118.65 before the market open. My incredibly vague prediction may have become true, yet again... but we shall see how things go.
Wow. Are their forces more powerful than my buying?

Guess I have to short Fannie and Freddie to finish the job....
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Old 07-11-2008, 08:22 AM   #23
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Well, at least 3% of your portfolio is lookin pretty good before the open
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Old 07-15-2008, 10:51 AM   #24
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Down $6 a barrel today. Am I good or what?
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Old 07-15-2008, 11:05 AM   #25
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Down $6 a barrel today. Am I good or what?
Thank you! I've been thinking of buying some USO if there was a decent pullback and when I looked at the price a while ago, the first thing I thought of was this post. Thanks for taking one for the team!
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Old 07-15-2008, 01:39 PM   #26
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You have to give it time ziggy... it may just fall off a huge cliff in a couple weeks.

Or, it could take off to $300 a barrel in a week, what do I know?
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Old 07-15-2008, 01:42 PM   #27
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i think USO will be trading around $80 come late fall
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Old 07-15-2008, 01:51 PM   #28
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i think USO will be trading around $80 come late fall
I hope your right, I sold all my oil related etf's a few days ago. Will buy back if it gets in that range.
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Old 07-15-2008, 02:37 PM   #29
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I hope your right, I sold all my oil related etf's a few days ago. Will buy back if it gets in that range.
Wow good call so far Dawg.
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Old 07-15-2008, 02:41 PM   #30
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Wow good call so far Dawg.
No pat on the back for me. I'm getting my head handed to me by holding other stuff.
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Old 07-15-2008, 02:48 PM   #31
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I hope your right, I sold all my oil related etf's a few days ago. Will buy back if it gets in that range.
last 6 weeks or so USO is going up and MACD is trending down
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Old 07-15-2008, 03:11 PM   #32
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Thank you, Ziggy, for taking one for the team. Oil had its largest drop in seventeen years today.

Oil falls amid concerns economic woes will cut demand - Jul. 15, 2008
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Old 07-15-2008, 03:26 PM   #33
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I hope your right, I sold all my oil related etf's a few days ago. Will buy back if it gets in that range.
Hearing I got in is the best contrarian sell signal ever devised.
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Old 07-15-2008, 08:31 PM   #34
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Safe Haven | Crude Oil and the 6-Year Cycle

if you are interested
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Old 07-15-2008, 08:45 PM   #35
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Interesting. Thanks.
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Old 07-16-2008, 08:37 AM   #36
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i think USO will be trading around $80 come late fall
Wouldn't that be interesting!

As much as I think oil has gone up too-high too-fast, a big drop goes against the trend, and fighting the trend has definitely not been the right play with this commodity for a some time now. Every time I thought it should break down it has refused to, and always found a reason to go higher.

That said, when the futures prices started breaking down yesterday it felt like there were a few moments of panicky selling. Most of the drop took place in a pretty short time period. I wonder if some of those pension funds that are holding commodities are a little nervous about how much they paid for oil.

I will be watching this the next couple of days to see how oil reacts to events. If if slides a few points here and there I will take some nibbles in the USO. But if it starts dropping with gusto, I think I'll just stay on the sidelines and watch to see how far it will go.
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Old 07-16-2008, 08:50 AM   #37
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Govt subsidies in developing countries have helped drive up demand substantially. Many of those programs are set to expire this year and next. If the price of gas goes up 25-40% in countries like Pakistan and India, they WILL reduce demand, and maybe we can get a break on global demand.

I wonder where oil would be if the USA built 4-5 new refineries.........
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Old 07-16-2008, 09:47 AM   #38
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Gasoline supplies rose by 2.4 million barrels the past week as crude oil futures fall another $6... I don't know, ziggy is on to something!
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Old 07-16-2008, 09:55 AM   #39
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You all need to start paying me to keep this position open. If I sold it and cut my losses short, it would spike again. Maybe I can hold everyone hostage this way -- if everyone sends me a dollar, I won't sell it. Seems like a good investment to keep gas prices down.
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Old 07-16-2008, 09:57 AM   #40
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Gettin' ziggy with it

Nah nah nah, na nah na

Gettin' ziggy with it
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