Market Comments for June 3, 20081) There was massive liquidation of hedge fund longs in crude, with outstanding positions being reduced by 80%, according to CFTC statistics. Crude plunged today from $129 to $124.50. The crude July 150 calls you could have shorted yesterday at $280 could be bought back today for $70. The one
Market Comments for May 30, 20081) Crude stayed in a range of only $3 today, from $126-$129, so more people are talking about a top. Bonds were licking their wounds.2) Another new word for the lexicon: 'cocooning'. Because of high gas and food prices nobody has enough money to leave the house, so they are
Market Comments for May 30, 20081) Crude stayed in a range of only $3 today, from $126-$129, so more people are talking about a top. Bonds were licking their wounds.2) Another new word for the lexicon: 'cocooning'. Because of high gas and food prices nobody has enough money to leave the house, so they are
Market Comments for May 29, 20081) It was a day for the history books in crude. The day started out at $128. Weekly inventories had been anticipated to show an increase of 700,000 barrels, but instead, showed a decline of 8.8 million barrels, the biggest fall in 4 years! Crude lept to $133. Then the
Market Comments for May 29, 20081) It was a day for the history books in crude. The day started out at $128. Weekly inventories had been anticipated to show an increase of 700,000 barrels, but instead, showed a decline of 8.8 million barrels, the biggest fall in 4 years! Crude lept to $133. Then the
Market Comments for May 28, 20081) Crude plunged to $126? on rumors that Saudi Arabia is increasing production, then lept back up to $131.50. Another $6 range day. It was a great day to sell July 110 puts for $550 which expire in 13 trading days. More than 25% of global oil consumption is now
Market Comments for May 28, 20081) Crude plunged to $126? on rumors that Saudi Arabia is increasing production, then lept back up to $131.50. Another $6 range day. It was a great day to sell July 110 puts for $550 which expire in 13 trading days. More than 25% of global oil consumption is now
Market Comments for May 27, 20081) Crude fell $5. The July 155 calls I strongly advised you to sell at $550 last Wednesday, fell to $260. In the meantime, natural gas hit a new high of $12.20. This is a gain of 57% from my recommended entry level of $7.75 last January.2) Short sellers are
Market Comments for May 27, 20081) Crude fell $5. The July 155 calls I strongly advised you to sell at $550 last Wednesday, fell to $260. In the meantime, natural gas hit a new high of $12.20. This is a gain of 57% from my recommended entry level of $7.75 last January.2) Short sellers are
Market Comments for May 23, 20081) The markets are now totally fixated by oil. Every financial instrument, from equities, to bonds, to currencies, are now being driven by the price of crude. Every technical service I subscribe to are saying that all oil related investments are sells, including crude, oil major equities, oil services, ETF's,