Seeking Alpha

Oil doesn’t belong at $83 and won’t stay there for long, MBF's Mark Fisher believes:...

Oil doesn’t belong at $83 and won’t stay there for long, MBF's Mark Fisher believes: “Either it goes back to $100 or it drops to $65, but we’re not staying here." Oil's decline largely has been orchestrated by Saudi Arabia, he says, adding that "historically, the first move oil makes out of the OPEC [meeting] is the wrong move"; the bigger move will be in the other direction.
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Comments (5)
  • Ray - Kitchener
    , contributor
    Comments (74) | Send Message
    Then I guess Mr. Fisher will be making guizillions. What is his track record for predictions? Most predictions are worthless for trading.
    12 Jun 2012, 05:58 PM Reply Like
  • blueice
    , contributor
    Comments (3831) | Send Message
    Ray, Mr Fisher, comment are to the point...We are in DTO or Don't Touch Oil fund...


    GL, to all!
    18 Jun 2012, 10:43 AM Reply Like
  • tonyeg
    , contributor
    Comments (172) | Send Message
    A while back when oil was at + $104 I recommended an ETF short because certain facts lined up to drive oil down. At the time I predicted oil would go to $ 70. I stand by original position in spite of other negative commentary on my prediction. We are getting closer to $70.
    12 Jun 2012, 08:48 PM Reply Like
  • Ray - Kitchener
    , contributor
    Comments (74) | Send Message
    tonyeg: Good call. I have been short Oil since $104 in SCO. I sold all my shorts on Monday and am now 100% cash. I will day trade Oil from here on in until we see a new trend. Are you still short?
    13 Jun 2012, 09:01 AM Reply Like
  • Jack Walker
    , contributor
    Comments (122) | Send Message
    USO - Closed my July put spread Monday, but after the negative response to the Spanish bank loan news will be looking for another in August or perhaps September.
    13 Jun 2012, 11:08 AM Reply Like
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