.... Did I mention what I saw as short covering rallies last week in oil.... which is an indicator of topping.... Basically the day traders get a hint of weakness and start day-trading the short position, but because they are ahead of the curve, at the end of the day, when they pull out of the trade, the trade rallies.... which oil did several times last week......
Now, My prediction... to throw my shit in the face of Fate... and I search for wood to knock on...
we pull back to 116... then rally back to 121... then we go down to 110...
Oil is now down .85
Monday, May 12, 2008
As oil sells off .50 in the past bit
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