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Oil Weakness May Intensify
Oil sluggishness may risk turning into a faster selloff, especially as the fuel fails to gain on recent USD losses.
Correct that oil surged due to the sailor news...but don't you think Iran's ambitions for ten new n-plants was bigger news? Or maybe both contributed. I hope not...but an Israeli mischief is s/where around the corner (even if a mild try). They just can't keep sitting, can they?
Hedgie, people short oil...make money and don't even NEED to return for days...because they're partying. Hence the quietness when oil is up. I'm short oil at 76 btw - will open a new short should touch 79. Btw, my recent leverage gas ranged b/w five & twenty percent, depending on how I perceive the risk involved in the trade...and the potential gain I can make.
NZ, specialist trading houses exist that're out there JUST to find shorting & arbitrage opportunities, so nothing strange. Remember, if you go w/ the trend...you're a trader - go against it...and you're George Soros! Btw, read my recent post - the day the DW crisis occured, oil was trading at 74...and I wrote that I expect it to return to 76. Remember or check. While I knew it would go up by two, YET I didn't go long. Read into this.
Usman...aaaaaaaand the failure to break above 80 shows that they're 'keeping it up there'. Barring any major fundamental developments, oil should retreat in the coming weeks (even if due to financial close). If you're long, be REALLY careful this w/end...
Asad
Thanks
Best Regards.
Do you have a time frame in mind for Crude Oil to possibly test 70?
Before Xmas or into the New Year?
Thanks.
Hedgie, I see another chance to test 70
Ashraf
Ahhhhh...could've wished for s/thing else (spoke too soon). I've opened another short position exactly at 76.00 (rare - I don't normally open/close at rounds). Will look to open yet another if, & when, oil increases.
Now that details of the Dubai 'beneficiaries' are unfolding - HSBC, StanChart, Barclays & RBS tops - weakness SHOULD persist...and oil WOULD be following suit...
Asad