|
Quote: |
|
 |
|
|
I do not trade oil but have been observing it on a daily basis for the last few months. Oil has tanked from approx $80 in July $67. Is there any fundamental reason behind this?
Is this move a correction? What is your opinion on oil prices and for a trader who is considering going long. Thank you |
|
|
|
|
I'm not sure about fundamentals since I ignore them to some degree, but I do listen to world events a bit....but in my opinion it is a correction and oil is still in a bull market overall. As far as going long...I have such a short term view, but I do think higher oil prices eventually.
Around christmas time alot of people thought crude was going long, then WACK more downside. We recovered very strongly though from that last down leg, so i'm pretty bullish on that. You never know though with oil, it may turn south in a heartbeat and fleece those bulls
Are you a commodity speculator? Are you considering going long CL contracts? These are what I trade.