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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: CommanderCricket who wrote (73833)	10/25/2006 12:12:53 PM
From: Umunhum	Read Replies (1) of 206209

I just picked up 2 more December 2012 CL contracts at $64.10 to go with the two I picked up yesterday at $63.50. I've got an order in for a December 2011 at $65.10 that is just sitting there. With OPEC defending $60 crude, the risk reward for these contracts is too good to pass up. I have no doubt that these contracts will eventually be trading well above $120 - the only risk is the margin requirements between now and then. A good portion of that risk just evaporated with OPEC's announcement to defend $60. I still can't believe the news focused on Indonesia hesitant to cut. They are a net importer. Why would they cut? The net result would be importing more oil at a higher price

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