Your sentiment on oil prices ?
Interesting re-reading this one today : http://www.tickerhound.com/questions/detail/200809ac15ba4/do-you-think-oil -will-go-below-60-after-the-presidential-election
Election still 3 weeks away and oil is < $70
I've done extremely well flipping oil stocks lately, and on the blog we made 36% after holding PWE one day, and we were up over 200% on its call options at one point (still holding).
Seems sentiment is generally turning against oil, so as an informal poll what do you all think now?
I think there's likely to be continued demand destruction, but at the same time sentiment seems to have turned against oil and the stell-off of stocks is overdone so I've become a bit bullish. I've picked up SU, NOV for cheap recently, flipped for healthy gains on Tuesday's gap-up open, then bought back into them today when the markets were re-testing Friday's lows. Might not flip them this time but it depends what happens as each day's been wild lately.
Thoughts?
Answers
3963 points
MNSL answered one year ago …
Sentiment is very weak for oil and other resources now. Oil could fall to below $50 before year end. Even OPEC or top investment banks can not stop sliding oil this time.
This is the time to sell all your commodity stocks and resources if you have not sold yet.
Prices of many assets including commodity and resources will fall further. It will become worst in the next year.
Lower oil will benefits many sectors and some sectors will benefit most. It will help to reduce inflation Commodity currencies will fall further We will see dramatic fall in prices of many assets in commodity countries including Dubai. Actually some sectors in USA and some countries will benefit most in next the next 05 years.
