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When I decide buy into $200 oil, I'll let you know so you can go short with a clear contrarian conscience!
Jul 15 12:58 pm
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All Comments by Ramrod »Why Oil is Cheap at $75 a Barrel (ETF: USO) [View article]
Honestly, I was long gold and energy at the start of the year. But as soon as I saw a seriously worded report that gold was heading to $3,000/oz I sold my position. Likewise, when the consensus view on oil got outrageous long I cut that position way back, as well.
Since then all I see is a lot of risk, and a lot of uncertainty, but not much opportunity. But the situation is now very fluid and I could be strong and long both by Tuesday.
But make no mistake: for everyone but Chicken Little, sustained prices at $100/bbl is outrageously long. Won't happen. If it does it's Katy-Bar-The-Door, and too many vested interests lie between here and there for it to ever happen.