Goldman says Brent crude will hit $130

[safvan]

yep, after a veritably negligible $6 brent crude rise between your posts.

i assume you wld have got stopped out prior to tuesdays high of $120.

I was never in the trade. I just posted a long term view of how commercials were behaving in this commodity. These drillers control the prices and have been doing it forever. The trends are not easily created or broken. They take weeks and months to build up properly.

Todays sell off means nothing. If it gets weaker tomorrow it means nothing. The trend takes time to develop. No one knows if this is a temp correction or start of a long term downtrend in oil. The commercials are yet to become net buyers so all this selling means nothing in the near term or for short term traders. For longer term guys my bets are on the short side.

 

[safvan]

The absolute worst thing I can do is to try to be right or wrong. I have paid heavy price for it. I do post on forums from time to time just for opinions sake and to pass the time but on the serious side of things where real money is involved my target is to be not right or wrong but managing money when im wrong and I am wrong at moment around 60% to 70% of the time. I just do not waste time getting out of the position. I do get stopped out a lot and I mean a lot however when I am right I do not get out that easily. I am in the short S&P trade since mid May. There is no way I am covering unless the main indexes or the bond yields really start showing strength.

 

[Prestige]

Yeah I agree with safvan on this one, the bonds and yields are not truly showing strength so I am going to wait as well. Plus I highly doubt the market would put up with that high price for long.

 

[rsh01]

interesting comment....

http://paul.kedrosky.com/archives/2011/06/oil-at-the-post.html

up or down, increased vol is gd news for oil traders.

 

[YouAreNotFree]

All I know is I hate Goldman.

Total and utter crooks and frankly I would like to see some of them put down for the death and destruction they have indirectly caused the world over.