RE: RE: BNN Analyst In the short term oil will probably drop to $84-ish. Lots of bearish sentiment out there right now. Production in USA is at all time highs, reserves are high and the Saudi's are pumping way more than normal. Then the usual bearish drums beating on how Europe can't get along with each other.....
It'll just open a nice buying opportunity. I sold all my profit positions.... tried to sell a couple more break evens but they never triggered and have now dropped down so I'll have to wait them out. I'm at 30% cash, tried to be 50%. I predict a similar senerio to last year's "Oct 4th" where we drop fast and hard then climb equally fast and hard. So I want some cash ready in case I am right. And if I am wrong, the other 70% holdings will hopefully return to the black.....
When one analyst says $80 and another says $110 it all depends on their time horizons. The $80 is probably talking about in the next 4 to 6 weeks. The $110 is probably predicting either next spring or in several years. For the last couple years, Oil has breeched $100 every spring/late winter and then crashed every late spring/summer although summer is supposed to be the "busy driving season".
What is interesting right now is NatGas which is up. However the volatility in NatGas is massive and it can swing back down 20% quickly.
Last week many stocks I follow were "over-bought" and this week is cooling them down. I'm hoping to hop into some in a week or so when they become "over-sold". I bought TCK.B at $26 and sold at $31 for instance and I see these patterns returning to several stocks....
Fun Fun.