Thread: Discuss Commodities and Stock Market Indices

I hope everyone loaded up on oil at $75 and gold at $1160. You shorts may eat your shorts. Especially if Israel takes out that Iranian nuclear power plant that Russia sold fuel to this weekend. Purely speculative. But do you suppose Russia would like to see the Straits of Hormuz close and oil prices climb?

Originally Posted by SkiBunny

I hope everyone loaded up on oil at $75 and gold at $1160. You shorts may eat your shorts. Especially if Israel takes out that Iranian nuclear power plant that Russia sold fuel to this weekend. Purely speculative. But do you suppose Russia would like to see the Straits of Hormuz close and oil prices climb?

locked and loaded from 1180s.

1225 kissed. Fed should be watching this move, hello?!!
China continues to sell US debt (contra the herd) and buy gold.

Originally Posted by SkiBunny

1225 kissed. Fed should be watching this move, hello?!!
China continues to sell US debt (contra the herd) and buy gold.

Looks unstoppable given the economic uncertainty!

The $75.00 area on oil seems to be holding as good support as it is moving together with the higher S&P 500.

US Crude Oil Reserves Surge to 20 Year Highs



Forex @ DailyFX - Crude Oil Inventories in Focus, Gold Holds Steady Despite Rallying Equities

Originally Posted by Gregory McLeod

US Crude Oil Reserves Surge to 20 Year Highs



Forex @ DailyFX - Crude Oil Inventories in Focus, Gold Holds Steady Despite Rallying Equities

Not surprising....I'm sure that'll be a mute point when the bombs start dropping on Iran.

Originally Posted by speculator84

Not surprising....I'm sure that'll be a mute point when the bombs start dropping on Iran.

Really think it's gonna happen? Geopolitical risk is probably the #1 factor holding oil up. Obviously an attack on Bushehr and Iran closing the Straits of Hormuz could promptly send oil into triple digits. But an attack is seeming less likely as the time draws very near to when the Russians deposit their nuclear fuel rods. After that I don't think Israel will have the nerve to act unilaterally. Meanwhile the Obama Admin has badly misplayed this matter. Netanyahu must feel like Churchill did and Obama is like Chamberlain.

Does anyone else find it interesting that Dow and the S&P are tanking but most of the currencies are holding steady with the exception of the commodity currencies.

All of this indecision looks very good for Gold.... It also makes me believe that there will not be some "massive sell off" that people are looking for but rather choppy to slightly lower price action... or maybe choppy to higher?

Thoughts?

The breakout & retracement of oil below 75 yesterday has been reconfirmed today by another breakout to the downside. Watch out below! Oil might be a good short from 75. I've removed my long-bullish bias after these breaks below the bullish rising channel - and also because the geopolitical risk that has supported oil is diminishing (US Admin is letting Iran go ahead with Bushehr and Israel can't/won't strike unilaterally anymore).

Originally Posted by SkiBunny

The breakout & retracement of oil below 75 yesterday has been reconfirmed today by another breakout to the downside. Watch out below! Oil might be a good short from 75. I've removed my long-bullish bias after these breaks below the bullish rising channel - and also because the geopolitical risk that has supported oil is diminishing (US Admin is letting Iran go ahead with Bushehr and Israel can't/won't strike unilaterally anymore).

Hello SkiBunny! I agree with your analysis. I'd like to see a break below that 73.81 low to open up 70 and 60.00.

Originally Posted by SkiBunny

Really think it's gonna happen? Geopolitical risk is probably the #1 factor holding oil up. Obviously an attack on Bushehr and Iran closing the Straits of Hormuz could promptly send oil into triple digits. But an attack is seeming less likely as the time draws very near to when the Russians deposit their nuclear fuel rods. After that I don't think Israel will have the nerve to act unilaterally. Meanwhile the Obama Admin has badly misplayed this matter. Netanyahu must feel like Churchill did and Obama is like Chamberlain.

You can't discount an attack, it's been said over the wires lately once the plant is up you can't just drop bombs on it anymore...however I've read that the place was highly sabotaged or attempted to be anyway. If there is no attack it's probably because israel will do an inside job.

Gold feels like a melt up is coming. We are only one good rally day away from the old high.

Originally Posted by speculator84

Gold feels like a melt up is coming. We are only one good rally day away from the old high.

The wall of worry that gold has been climbing seems to be disappearing. That in itself is worrying. Also, seems the big hedge fund managers are alll on the same side of this trade. I don't understand the argument that gold is both a deflation hedge AND an inflation trade. It all sounds too surefire. I think it'd be better to flush out some of the the posers by dropping back below 1215 and 1200 and then resume the uptrend. We'll see. Enjoy the ride.

It's been puzzling how Gold and US treasuries have been soaring in parallel this month.
Though the US treasury yield continues to positively correlate with the price of Oil, so some sanity remains.

Originally Posted by SkiBunny

It's been puzzling how Gold and US treasuries have been soaring in parallel this month.
Though the US treasury yield continues to positively correlate with the price of Oil, so some sanity remains.

Hey SkiBunny! I like that correlation between the ten-year and oil!