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Anonymous Said...
Posted on 05/29/2008 08:59:52 | Link | Post Comment
"I am not trader nor investor but i am market learner. I like to study about markets . So what do u think, where oil will go from here ? Do U trade in any market ?"
I would nowadays call myself a currency trader as I have virtually zero interest in trading other markets. I love the currencies, I say its the king of markets. However due to the interrelation of all the markets I keep my eye on them all to some degree. Besides, I just like watching them. Some people watch trains, some people watch birds, I watch markets. ~:-)
Where do I think oil will go? I think personally that it will go down because there seems to be a global backlash against these prices - its basically pissing off everyone on earth. I would guess that having been broken the $100 level will become a major pivot and price will rotate around it, possibly with a low of around $60. The question is WHEN; the only sign of a change occurring is the previously mentioned falling open interest.
But this is pure speculation, I would not take a position on it - that's just my guess based on everything I have read and heard and the general mood that seems to surround it. The fact is the trend is up, and we all know that trying to pick a top is Russian Roulette with 3 in the chamber.
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