I think the biggest sell signal in Oil is that almost anyone you talk to will tell you that it is never going to go down again. Infact if you polled people on what they think oil will be closer to costing in 2008 $50 or $100 a barrel, I would bet over 90% would say that crude will likely be closer to 100 than 50. Considering that we are roughly trading crude at 75 right now, theoretically the odds should be about 50/50 on which way oil will go.
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Originally posted by gaijindabe
How do these "speculators" drive the market? And how can I too? I would not mind making a few extra bucks..
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Do you want to buy crude? If so I would suggest looking at the ETF ticker symbol:USO It is an oil etf that tracks the price of a barrel oil. I forget exactly which type of oil it tracks maybe Brent Sweet, but I am not posotive. Unlike trading futures you don't have to worry about taking delivery of a couple barrels of oil.
If you want to manipulate the market go get a billion dollars, more own't hurt, and start playing around. You might even hire an arab to drive a car bomb into a pipeline so you can spike the price of oil to get out of a couple contracts when you need some cash.
Rich