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Also of interest regarding oil's big rise today is noted contrarian indicator Dennis Gartman...

Also of interest regarding oil's big rise today is noted contrarian indicator Dennis Gartman getting bearish on Texas tea after it's fallen $12/barrel in 3 weeks. "The collapse of the Iranian rial and the possibility of regime change have the energy markets in thrall and rallies are to be sold into!" USO +2.5%.
Comments (7)
  • Gartman, lol... front seat of the clown car... hard to believe he's still even quoted or appearing on CNBS - his calls on commodities, especially Gold are legendary for being wrong almost to the minute...
    4 Oct 2012, 12:14 PM Reply Like
  • bullish for oil!
    4 Oct 2012, 12:16 PM Reply Like
  • The world political situation is very fragile and any minute some black swan event in a far away place could cause oil to spike big time.

     

    IMO betting that the unforeseen event won't happen is a bad bet.

     

    Also, IMO, trade oil but keep a long bias.
    4 Oct 2012, 12:25 PM Reply Like
  • wyostocks, I can kind of agree with trading oil generally with a long bias as it is a favorite trade of the inflation hedge crowd but to say that "betting that the unforeseen event won't happen is a bad bet" is just silly, black swans are called black swans because they are improbable events and so betting on them is more silly than betting against them. The only way to trade in fear of a black swan is to ensure you have stops on your trades.... Also being short oil at todays open would also be ill advised as its extremely oversold but the trend since April is undeniably down and any prices over $100 in this current world economic climate is short lived IMHO.
    4 Oct 2012, 12:34 PM Reply Like
  • gartman has been so wrong for so long...
    4 Oct 2012, 02:28 PM Reply Like
  • yeah bull market somewhere , I am bullish for oil too , Gartman is wrong the majority of times . The middle east situation and the political election´s in Venezuela on next Sunday can change fastly and substancially the trend of the oil , so invest in UCO now , it will achieve excellent performance in the near future
    4 Oct 2012, 03:29 PM Reply Like
  • bullish for UCO 100000000000 %%
    4 Oct 2012, 04:39 PM Reply Like
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