OTCPK:VREYD - Post by User
Post by
fireintheholeon Jan 14, 2008 8:55pm
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Post# 14202306
Commodity Review comments on oil...
Commodity Review comments on oil...Energies
After just barely penetrating the $100 mark crude oil has setup a bearish pattern that could have some legs to it. While it is logical to think that $100 was psychological and not a rational long term price top, keep in mind that much of the last $30 run up has been lacking fundamental support. Market hysteria, fund interest and spec buying have all helped to bring oil prices way out of proportion with supply and demand fundamentals. So it would seem only logical that a psychological resistance point would actually cause a trend reversal. Look at some long term put plays and get on the short side in a hurry. If we break back to new highs then leave some powder dry to double up because it is not a matter of if but a matter of when this market will go adios ga-bye-bye to the downside.