Hurricaner wrote: My comment was a poor attempt at sarcasm. No one fully understands what is going on with oil futures at this time. One thing is for sure and that is it's being driven by speculators, some trying to hedge against inflation and some are gamblers looking for a quick buck.
Sam,
Since you're brave enough to lend your expertise to this forum, I'm going to make an assumption that you've completed your Series 6 and have a Broker Dealer License: right? Or maybe you're like me on permanent-vacation from the finance industry, but just can't keep your eyes, fingers, and ears out of it.
Anyway, I've had a lot of success with short-term investments (not trading, I never had to use a margin account) using RN Elliot's wave Principles to predict price movement. To make a long-story short, applying some watered-down Calculus for Elliot's Fibonacci jive, I've predicted that the price of Raw Crude will bottom out much higher than your prediction of $75/bbl. Or is this number your attempt at sarcasm that I shouldn't take too seriously? If so, sorry, I don't want to waste your time: I'm just a curious geek.
So, is this an arbitrary number that you pulled out of the air, or do you know something..?
Also, like the technology boom of the late 1990s, early 2000s, how much do you think the volume of oil futures traded daily has to do with the upward price movement? If volume decreases, when traders and short-term investors tire of the commodities market, perhaps the market will slide like the technology market has?
Can some one tell me what a "Speculator" is? Is that someone that buys stock hoping it will go up? If so, then I guess that makes pretty much anyone that can afford an RV a speculator.
"Hey fool, how come your using so much of our precious resources"
"Oh yeah, can your toilet do 60 mph on the interstate"
I heard recently that scientists now believe that our planet makes oil and I don't mean from dinosaurs. Mars temperature has risen slightly over the last couple of decades, just like earth. Must be human's fault for sending space craft there.
John & Sharon, 2 Daughters, 2 Sons-in-law, 5 GK
Scottish Terriers (Bonnie & Chloe)
1997 HR Imp., 38CDS, 1 Slide
325 Cummins C8.3Mech., MD3060, EBw/Cst.Sw.,
Toad-98Tracker 4X4 or 03GMC Envoy 4X4, Excallibar TB, Pressure Pro TPMS, Henderson Mot. Ctrl. Units
eltejano1 wrote: Let's change the direction of the thread a wee bit. What are y'all doing to buy less fuel? Here's what I'm doing - in addition to setting-up our trailer in a permanent campsite.
We are retired and live in the country, 8 miles from town. My wife has a part-time bookeeeping job in the afternoon and goes to town everyday with the little car. I take care of our 22 acres and grow a huge garden. I used to drive my Dodge diesel to town nearly everyday to pick-up stuff at the feed store, tractor dealer, etc - but mostly just to BS with my cronies. I don't go to town anymore. When I need a tractor part, seed, feed or something from the hardware store, I either write a detailed note or call them in advance and my wife picks it up. We are saving significant amounts of fuel that way.
What changes have y'all made to deal with these high prices?
Jack
Trailer PARKED! Truck used when necessary. I would like to drive no more than 20 miles a week, but not often possible.
over the hill and enjoying the view
diesel pickup and 5th wheel trailer.
Hey everybody, I agree completely that our present catastrophic energy crisis is almost totally driven by commodities traders, and they are simply responding to the massive funds available in pension managers and hedge funds treasuries. I have been trying to get this forum's attention on this issue for a couple of weeks. Interested readers may want to look at senate testimony of 5/23 to see how this has come about.See http:// hsgac.senate.gov/public_files/05008/Masters.pdf. This testimony shows that almost all futures topics from Aluminum to Wheat had increased their paper inventory from about 1 years consumption to at least 5 years consumption and some are over 10 years consumption Sugar inventory was 2.3 Trillion Pounds on 1/1/03 and on 3/23/08 (5 1/4 yrs) it was 48.4 Trillion Pounds. There is no doubt that some funny stuff is going on but we will have to hold our breath that the next administration will be able to fix it, because the current administration can't figure it out. OBTW all commodities are up by massive amounts, but oil hits hardest because most of us spend more of our disposable income on oil than any other commodity. And lastly, I looked at Wikipedia on "Futures Trading" and got good info, but it isn't as clear as it could be. I'm unwilling to attempt to educate this audience, some have nothing better to do than flame what they don't comprehend.
CRay wrote: I'm unwilling to attempt to educate this audience, some have nothing better to do than flame what they don't comprehend.
One thing I don't understand (never have) is what benefit does futures trading have? Other than to make money for those doing the trading? What service does it provide?
Hurricaner wrote: My comment was a poor attempt at sarcasm. No one fully understands what is going on with oil futures at this time. One thing is for sure and that is it's being driven by speculators, some trying to hedge against inflation and some are gamblers looking for a quick buck. The world cannot afford 100+ oil at this time and there is just too much of it too warrant the price.
As far as GM is concerned oil can go down to 75 bucks a barrel, which I believe it probably will, and it won't help them one bit. Gas will still be 3 bucks a gallon and people can't and should not drive large pickups and suvs. This is the only smart thing GM has done in 50 years.
Sam
I am assuming the trucks and suv comment is attempt at being funny?
This trend is getting better than the Ethanol trend. My head is so full of worldly stuff I am going to hook up the TT this weekend and run away to the woods for a few days.And try to sort all the BS from the world troubles out in my head.And see if I can come up with a plain to fix it.If I get it straight I will let you all know right after I give the red phone in the white house a ring.I think it is only fair to call up there first.
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