Wednesday, July 30, 2008

Oil

Making a nice move today.

DXO still a nice play (although some are underwater from $23 area), we'll get to moving back higher after this correction is over.

6 comments:

Fishfood said...

Just got home to my apartment only to see SRS up 5% :)

I'm crossing my fingers for a buttom in oil

BTW nice to see AUY rebounding

Fishfood said...

news on oil are changing to be more bullish

Just got this on my streamer

" Crude oil rose more than $3 a barrel after the U.S. Energy Department reported the first decline in gasoline inventories in five weeks. Now traded around 125,75 level with next resistance at 126 and 126,15 (today high)."

Just noise but I like the way they talk the oil price up

JoeGoog23 said...

Fish, you're in DXO right???

Fishfood said...

No I don't play oil - only got one pair of balls

Just seems like everything is being driven by oil

I have a position in an EFT that is long in sugar which correlates with oil except the upside potential is bigger IMO

But when oil goes up - so does my account. That's why I'm cheering for oil

JoeGoog23 said...

LOL, Glad I stuck it out with my Oil Long. I think we bottomed, also Gold.

GDX still the best looking play out there IMO.

Fishfood said...

still short of cash- otherwise I would have bought GDX a couple of days ago - now it's even more tempting!!

I might take a loss somewhere just to get in