Friday, June 6, 2008

Crude futures have skyrocketed $12 since Wednesday’s intraday low.

Oil resumes rally, crossing the $134 mark

NEW YORK (CNNMoney.com) -- Oil prices passed the $134-a-barrel threshold Friday morning, skyrocketing more than $12 since Wednesday, as the dollar continued to slide.

Posted by sold 2 rent 1 @ 03:17 PM (1159 views)
Please complete the required fields.



23 thoughts on “Crude futures have skyrocketed $12 since Wednesday’s intraday low.

  • crash n burn says:

    S2R1

    I’m really not sure. I’m long gold and regretting it after topping up at the peak, thinking we’d made a clear break through the $1000 level. I just don’t know if I should be selling on this rally?! There is a definite descending triangle formation – if I wasn’t long, I’d be calling it down to $700… I’m in pain as to whether I should unwind my position, buy some put options or spread bet against my current holding. I don’t think it looks good (for the next few months at least). I don’t do Elliot waves – but are you still ultra bullish? I am worried that the market just doesn’t pay any regard to the fundamentals eg. gold / oil ratio (now in tatters) and the inflation adjusted spike at $2,200 in the 1970’s.

    Reply
    Please complete the required fields.



  • letthemfall says:

    Oil up over 4.5% today. Wall St down 1.7% so far. Swap rates rising. Dear oh dear.

    Reply
    Please complete the required fields.



  • crash n burn says:

    I went to a talk a few months ago at the STA, where the presenter put up a number of illusionary images on the board… He said this was much like TA… In the same way I see a descending triangle, others see a bullish falling wedge according to the article link from S2R1…. Hmmm – this is VERY interesting.

    Reply
    Please complete the required fields.



  • Has anyone seen the front page of the daily express today? It’s hilarious. I would be embarrassed to be associated with that newpaper with it’s front page today.

    Joke of a rag.

    Reply
    Please complete the required fields.



  • sold 2 rent 1 says:

    Markets are crashing nicely.
    My put options up 9K now

    I still think we are in for an interim low either next Friday 13 or Monday 16.
    D-Day landings and all that Mayan nonsense.

    After that we will have some consolidation going into the Battle of the Bulge (24-26 June)
    Then we will have the final death plunge either just before or after 6 July (Atomic bombs on Japan)

    As for Gold. Hold on mate. Hold on.
    World history is in the making.

    Reply
    Please complete the required fields.



  • Rentinginthesouth says:

    Crash N Burn – Depends on what your investment strategy is for gold – whether you want a quick buck or in it for the long haul…. It will rise and drop against the dollar, but I firmly believe it will be up in the long run…. just depends on how long you want to wait!

    Reply
    Please complete the required fields.



  • crash n burn, stay long on gold. Think fundamentals.

    Reply
    Please complete the required fields.



  • doom&gloom says:

    I’m starting a petition to outlaw the word ‘fundamentals’ and to indroduce a severe fine for usage of said word.

    Reply
    Please complete the required fields.



  • doom&gloom says:

    My ftse puts are hugely in the money now (bought at 6200). s2r1 – are you thinking we may see a minor rally at the end of next week?

    Reply
    Please complete the required fields.



  • sold 2 rent 1 says:

    doom,

    I think stocks will crash either end of next week or beginning of week after.
    Read my post again.
    Today is a warm up.

    Mayan Calendar trading – it’s fun.

    Reply
    Please complete the required fields.



  • doom&gloom says:

    s2r1. yep ok – I see what you said. If there’s any rally early next week I’ll take the opportunity to increase my exposure.

    Reply
    Please complete the required fields.



  • nice strike on the Ftsie D&G! i normally go for out of the moneys – cheaper and higher percent return. More – dare i say it gearing! Still you have to be “more right”. Im in the dax – interesting level from the low of 6515 on 14th April we have had a move up to 7184 on May 19th or 670 points. I have a Fib tool and have put in the 61.8% retracment against that high andIts close to todays low of 6788.

    Also the first downmove off the top is from 7241 to 6904 – 337, project that down from the following secondary high on 30th may at 7124 and guess what – 6787. Now im not saying thats the bottom (but if this area is breached we are looking at next support of 6571 – which would co-incide with 61.8% retrace of the whole of the upmove so far. This has all the hallmarks of a “C” wave. So for me – its get out of some now (third) and most of the rest at 6571 ish (2 thirds of the remaining two thirds) and run the rest through an Expo 10 day moving average unless it really tanks!

    Reply
    Please complete the required fields.



  • Also (sorry to be boring) but if you multiply the downmove of 337 points by 1.618 that gives 546 points. Take that off 7124 and you get 6578. That cements my main short term target. After that im not 100% convinced we break the prior lows or we move up from there. Either wave i will spend some more time looking at the price action.

    Reply
    Please complete the required fields.



  • what a load of bol*ocks!

    Reply
    Please complete the required fields.



  • tick tock – is that aimed at me?

    Reply
    Please complete the required fields.



  • sold 2 rent 1 says:

    TM,

    Any idea how my Mayan Calendar dates fit in with your trading strategies.

    The summary is
    Around 14 June, low
    24-26 June, dead cat bounce peak
    Around 6 July death plunge

    A good call on the puts on the Dax. I had some too.
    Who would want to own shares priced in euros when the odds are the Irish will now note NO next week.

    Reply
    Please complete the required fields.



  • s2r1 – really not sure about the targets (otherwise would have sold some more – fact is you can never be sure), anyway, I’m pleased to take a profit here, and will be more pleased if the next target is fullfilled (perhaps on your fundemental event).

    Never been comforatble with dates co-inciding with price but the “C” could be a third (which then implies a 4th – probably triangular). If the previous major low is taken out (which i dont think it will be – actually do think the whole move down is a retracement from the upmove) then it will be the beginning of the huge “C”. I agree either way there should be a bounce. so the form you state sounds along the lines of how i think this pans out.

    Actually re the Euro im not convinced of that (at least re the pound) it looks to me like after we called the interim top, and some subsequent downside the action points to new Euro / GBP high. Im happy to have hedged some and will be hedging some more if im right. As i said i have no inclination to buy the Euro, i just have a reasonably sized stash that i want to hedge.

    Reply
    Please complete the required fields.



  • Re the S&P – if the market closes below 1369.5 then i think that will really spook em over the w/end. I wouldnt be surprised to see a Gap down opening on Monday, which i would then be surprised for it to be filled.

    Reply
    Please complete the required fields.



  • hmmm closed quite a way below (1360). Dow down 400. Have a great weekend. Clocks ticking Tick Tock ;-).

    Reply
    Please complete the required fields.



  • techieman/S2R, I’m thinking about buying some gold, any tips?

    Reply
    Please complete the required fields.



  • My post isn’t coming up? Am I being censored?

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>