As I have said many times in my blog I am bullish oil on the long side but for now it is a different story. This Wednesday will be a big day. When we see inventory is down again crude will sink fast. With volatility at record levels and making crazy swings, I will be very careful shorting crude from here on out. I may only keep my positions on for an hour or two at a time, but that's all I need.
Dennis Gartman, one of the most successful commodity players out there came out yesterday and said even he is shocked that all of their research is coming up with $30.00 oil. No way! But it lets us know that falling below $60.00 is just not that big of a deal. Oil needs a cartel that would aid in keeping the prices stable.....oh yea, they have one! What a joke that pack of liars are. They just killing themselves.
The futures are showing a big drop on the open Monday morning, but at this point we just don't have enough sellers to let it fall apart like it has on some of the days with big loses. Remember, it's OK to sit on the side lines in a market like this.
Good luck next week.
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