Longer-Term Market Trends Message Board

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Strategies & Market Trends : Longer-Term Market Trends

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From: ItsAllCyclical	7/16/2008 9:55:38 AM
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Oil daily chart As per most of my trades I have FA and TA reasons here for shorting oil. TA ones are somewhat obvious below not to mention oil shows a very clear 5 waves up on a 10 year chart. Is it done? Hard to say, but I'd probably stop myself out above 155 or so (USO equiv, not sure). FA reasons w/slowdown in global economy it's only a matter of time before specs get crushed. Not getting piggish here, just matching my oil short w/gold longs for the most part which are still modest (around 20% of PF). If the market manages to rebound sharply in the next few days (which I doubt, but possible) then oil will probably make new highs. Otherwise another $5-7 move down and this could really get going to the downside. Each rally in oil of late (over the past few months) is getting shorter and shorter time and price wise. Feels like we're close time wise even if we get one more spike to new highs.

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