Thursday, June 26, 2008

OIL & $Indu

This is it... No more Oil going down any time this summer. I wish I left my USO Aug110call alone but... I was waiting for Oil to cross $140/barrel. It actually whacked 141 at the time of this post.

So, the plan is to basically go after another call strike on USO. catch this breakout... even if it is just a bit late...

We may have ourselves $150/barrel by July 4, as some have indeed suggested. Someone at the gas station today came out and told my wife and I that Gas will go up 10 cents tomorrow and that Oil will be $180 by the end of summer...
See, the media is feeding this to everyone now... old news if you follow investments.

Either way, even if there is a bounce tomorrow in general equities, Oil will suck them back down and then some and finally, Mr. Tim himself provided a strong Fib argument for a bounce in DJI or a.k.a. $INDU. He was worried about the Dow running into trouble with the 11,500 fib line... Well looks like it dropped right past it... We shall see how tomorrow goes, but I think some real bleeding in the markets will actually come July 3rd... people are really gonna get tired of that date

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