Sunday, August 17, 2008

Oil, OPEC and Russia

So we have this morally bankrupt ex KGB murderer misbehaving in dramatic fashion, and now OPEC finally concedes that the world has an extra one million barrels a day floating around, and thinks it may be a good idea to cut production. The greenbacks rise is more a function of the Euro getting trashed than its own inherent strength in here. Based on the moving parts, Russia and OPEC, it would not surprise me to see oil get an oversold bounce in here. Absent this dynamic I think oil is a layup to $100. It still may get there this week but I'm just cautious

P.S. You go Ukraine !!!


About Me

My photo
I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.