MAKE UP YOUR MIND
Cnbc reported as we were approaching $100 per barrel in Oil, that the fundamentals were strong and therefore we should continue upward. Some guests called for $150!
Now this morning they are reporting that the fundamentals are weak therefore prices should continue lower. PLEASE ignore these morons! They have some very qualified traders they interview, and paying attention to them might help you, but the commentators themselves just have no clue. It is shocking to me that these people can be in the pits, and talk to top traders daily, yet have absolutely no idea what is going on. What the hell are they doing down there every day.
My favorite one is the gal in the energy pits, I would wager my Saint Bernards could out trade here! How in the world could the fundamentals change this dramatically in two weeks? The answer is they haven't. They never supported that momentum driven move above $99. You can see the commercials did move up their long positions compared to a few months ago, but did reduce them over the last couple of weeks. They have tailored off somewhat here below a level that justifies long positions. However, if we were to get an increase there during this decline, we would have a very good buy signal.
We can only hope that knucklehead who reports on this market will be bearish at the time a buy signal shows up. That would guarantee a win.