Looks like the whole thing is computer controlled...

I see the [s]astrologers[/s] technical analysts have been hard at work.....

And yes, we may well set a new record today! Oil can't seem to give up any gains for long.... "bad news" keeps coming out, since the situation is, in fact, fundamentally poor.

Yeah. Sorry. No new record. Oil is dropping like a stone. I wish I'd listened a bit more to the technicals and a bit less to the fundamentals this week. I saw it sitting there at the upper envelope line this morning. Big fat bearish harami the two days before, but I figured this run had more up side. Instead it looks like it's turned the corner and is headed south. It seems it's going correct back down to the lower envelope line. I think we're going to see 125 before we see 140.

I'm starting to think the abrupt upswing was actually the work of speculators. I don't think speculation really changes the overall price boundaries, but it certainly can lead to increased volatility.

The $16 upswing of Thurs & Friday???

Or the $70 upswing over the last year?

joeltrout

[web]http://www.321energy.com/charts/tmp/chart.jpg[/web]

Ikes, that's freekin' ugly.

I'm sure the 40 day moving average will hold though which is currently at $122.85 and climbing fast. THings are just too fundamentally strong right now.

We'll have to see how the inventory report affects things tomorrow..... Even if it's a bullish report, the price will probably still have a lower low and lower high than today I bet, which is bearish.

The price seems to want to go down right now like Smallpoxgirl is saying.

I'm absolutely sure Smallpox was talking about that two day run up.....

Chuck

Thurs/Friday. I think that swing would have otherwise been slower, and would have reached a lot higher. Instead, everybody piled on board and slammed it into the upper envelope line in two days. It didn't really change the price envelope, just hit the boundary a lot harder and faster. The $70 change is a whole different critter. That's all about supply and demand.

Damn doesn't anyone know why it fell? Probably because the Saudis said that they will increase output by 500,000 BPD. Bernanke also made a statement that hinted the Fed's policy of keeping rates the way they are or even raising them to control inflation.

It won't stay down for long.
Just enjoy it will its down a whole three dollars.

tomorrow's inventory report will be just like the previous 52.

Less than analysts expected.

But this time ethanol won't be there.

"At a moment when the country’s corn should be flourishing, one plant in 10 has not even emerged from the ground, the Agriculture Department said Monday. The Food Chain - Worries Mount"-NYT

Jul 09 $7.26.

This time last year- $4.00.

“According to the May 1, 2008 CCC inventory report there are o­nly 24.1 million bushels of wheat in inventory, so after this sale there will be o­nly 2.7 million bushels of wheat left the entire CCC inventory,” warned Matlack. “Our concern is not that we are using the remainder of our strategic grain reserves for humanitarian relief. AAM fully supports the action and all humanitarian food relief. Our concern is that the U.S. has nothing else in our emergency food pantry. There is no cheese, no butter, no dry milk powder, no grains or anything else left in reserve. The o­nly thing left in the entire CCC inventory will be 2.7 million bushels of wheat which is about enough wheat to make ½ of a loaf of bread for each of the 300 million people in America.”

http://www.tristateobserver.com/modules ... &sid=10121

Good luck.

My vehicle almost ran out of gas today. It was the high gas prices that told me to deal with the problem later. It's hard finding 87 gas selling below $4.30 in southern CA. Went to fill up and figured that I was about 1/2 gallon away from being stranded!

I fill up about once a month. 2 weeks ago I did it and it was only $4.17 . I need to start looking at the posted price again at the corner Valero station (the cheapest gas I've seen in the OC). Or better yet put my Nissan Truck up for sale again.

The only reason I haven't gotten rid of it yet is because it would actually cost me more to rent a vehical and fill it up to go to the desert each month (I'm an amateur astronomer hoping the lights go out soon), than to keep my 21 year old truck in service in my car port.

It did touch $138.16, tendency is up, up...

yes I saw it and came here to see the postings about it in this thread and nothing. Its going through the roof at the moment

There's a major shit storm brewing, I can feel it.