RE: poo on monday?Repost with a couple of corrections....
Well I'm not a big fan of tea cup formations and candles and the rest of the voodoo involved in reading stock charts but having said that there was a poster this morning (sorry for being to lazy to look it up) who posted a chart showing a short term historical chart for the price of oil. At the time I thought to myself, hmmmm (hey it was morning that was a pretty deep thought for me). The big test was if it could build today or if it was just an annomoly? Well I think we have the answer.
There are way too many variables to try and guess the price of oil. It sure looks like it's getting played in these volitile times way more than normal. I see Oil going higher. I could name reasons like China and the lower US oil reserves government stimulus packages etc. etc. but others could say they think it will go lower and present equally good examples of why that should happen.
I do know that it's really fun playing the swings right now.Where else can you gain/lose 4% daily on your investments in a matter of hours. I really respect the knowledge of TGarfield on this board but with the daily volitility on oil I can imagine him sitting with an open bottle of scotch scratching his head and thinking WTF? this all used to make sense.
Sorry for the ramble but if you are asking what the price of oil will be Monday.......I will say it will open higher. But if there are 200 people reading this expect 200 different answers.
wOLF