Maybe.... my supposition....
for weeks we have had unexpected builds, as the price went up... Because... they were buying and drawing as little as they could.....
With a pull back... the dip buyers.. are actually taking delivery.. because on the pull backs it makes sense to buy and you have a Draw in inventory.. but as it goes up... we get builds.
so the spike is just speculation.. and won't be sustained... and they won't need to buy because they did... in the unexpected draw.. Oil back up $3 and now down a full $1.50
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Thursday, May 29, 2008
Inventory draws and builds
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