Seeking Alpha

Constellation 1976's  Instablog

Discretionary Trader Speculating in FX and Commodity Futures.
My blog:
Constellation 1976
  • Crude Oil - Breakout 0 comments
    Oct 18, 2009 01:57 PM | about stocks: OIL, OLO, DXO
    Weekly chart in accord with the overall CRB trend shows a clear Breakout - more importantly over the 200-Week MA at 75.44.

    Higher there is a resistance cluster of previous range trading between 85 and 100. And risk is on a close below 65 lows which as I wrote in the current liquidity led monetary expansion seems quite unrealistic. Here is a little piece of 'fundamental' info from Dow Jones:


    DJ:Libya OPEC Head: Speculation Driving High Oil Prices:
    Libya's OPEC governor Ahmed Elghaber said Sunday the latest crude price rally to levels above $78 a barrel Friday was driven by speculation, not fundamentals, and OPEC members are unlikely to raise production in response to the latest price hike."There's a lot of optimism and the prices are responding to that, not to fundamentals," Elghaber told Zawya Dow Jones in a telephone interview. "I hope this price euphoria does not take us to a bubble that will burst.""This market will correct itself, there's speculation going on but there's not much consumption so there's no point in a production increase," Elghaber said, adding that oil demand will only pick up significantly in the second half next year.
     
    Stocks: OIL, OLO, DXO
Back To Constellation 1976's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Full index of posts »
Latest Followers

StockTalks

More »
Posts by Ticker
BWX, CUD, DOD, DXO, EEM, ERO, EU, EUO, FIVZ, FXC, FXF, FXY, GBB, GBS, GCC, GKD, GLD, GOE, GUR, IEF, OIL, OLO, SGOL, SPX, SPXU, SZE, TBT, TLH, TLT, TYD, UCO, UDN, USD, UUP, VXX, VXZ

Latest Comments


Most Commented
  1. VIX and S&P consolidate for a possible test of 1000 mark (1 Comment)
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.