RE: AccumulatingI agree, contrary to most that oil will hit $120 and the threat of waring fools blowing up oil fields could very well get us there but like you, I started buying and selling on the highs & lows to make some small profits but keeping 50% or less overnight waiting for the oil pullback and the real prise for holding HOD close to the market price.
The last 2 days have backfired as i did not think the PTB would let oil go much over $110 but prove me wrong again and now I'm in damage control just averaging down once again with a $5.20 buy to avg my holdings at $5.35
But I don't expect to see oil close today below $111 just hoping to get near there as I will dump 50% or so before the weekend.
Who know what those fools could do to the $ of oil over the weekend if all hell breaks loose.
Any ideas welcome.
PS : I started adding more to my hod positions when I heard the Chigo pit bosses say the $ of oil will fall a few $ from the inventory on Wed , and it all made sense...low volume, high & building stock piles and a fragile economy with a oil run that at this point is very unexpected.
I guess I'm not the only one getting a wallet slapping....LOL