RE: RE: RE: no mo' room....I agree with your big picture view on oil. It seems that it should be a simple supply/demand situation and oil is way overpriced. However speculation on the futures markets is a huge guessing game and traders seen to have the half -glass- full momentum going for them at the moment.
I have been losing a ton of money (for me anyway) with this ETF but I haven't been able to pull the trigger on the sell as it seems to be the exact wrong time to sell. Today, I feel the shorts were capitulating and now everyone is saying oil is going up. This is too compelling for a true contrarian.
For those who say this a a dollar devaluation story, to a small degree they are right. But if you look at the percentage drop of the USD since march and the percentage gain for oil they are not even close. It only accounts for a small portion of oil's gain.
Its getting lonely on the short side....
Drainman