RE: Oil will be at 72.45 a barrelI was unsurprised by the WTI sell-off on Friday. Wasn't it the last day for the July contract? Not only that but nobody here has mentioned it was a triple-witching day which probably contributed to the directionless equities trading in New York, oddly not mirrored in Toronto. Anyway, I placed a small bet on both HOU and HNU at the end of the day, hoping for a concerted effort by the bulls - they're so good at it - to manufacture a push just before the opening stock market bell tomorrow.
There were a couple of bad Friday's in the middle of May. I remember one Friday in particular because it cost me, I think it was May 15th, when HOU took a beating and closed below $7.00. That wasn't the end of the uptrend though. WTI closed that day at about $56.75. So I agree with others here who are waiting for a trend reversal; it's coming, but it's too soon to say it's started...