I know it's been almost a year since I made a follow-up to my last oil prediction (May 12, 2009). It was then I recommended you get out of Oil ETFs altogether (because of my distaste for ETFs in Oil which seem to be inefficient and not sufficiently correlated with oil prices). I continue to stand by my old oil prediction - from May 12, 2009 and also August 10, 2008 - that: "Oil prices "should" be $70 - $90 per barrel until the next major breakthroughs in solar/alternative energy or the coming evolution/revolution in our government's energy policy." However Monday, March 29th at 1:45pm EST - Nymex Crude Future is trading at 82.36 which seems a little high to me. I know the US Dollar is relatively weak and there are myriad reasons for a price to move. However, if I was a trader I would short it and get out at around $78 for a quick profit (I would "cut my losses" if it went to $85). Just want to be "on the record" if I'm right and humble myself if I'm wrong. We'll see. |
CAVEAT! I'm an amateur philosopher and idea-generator. I am NOT an investment professional. Don't take any of my advice before consulting with an attorney and also a duly licensed authority on finance. Seriously, this my personal blog of random ideas only for entertainment purposes. Don't be an idiot.
Monday, March 29, 2010
Oil Prediction: (last was May 12, 2009)
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