Tuesday, September 2, 2008

Nah, Speculators don't move the Oil Market

I've seriously gotten into debates this year with guys who insist that the oil market's totally driven by 'supply and demand'. well then it looks like demand's been down a tad lately!

I'd be looking for support coming in around the round numbers (100/90/80). not because they're round numbers but because the round numbers seem to be where the support might be. and don't bother monitoring the COT reports too devoutly, most of the speculation resides in off-exchange derivatives.

gold and silver aren't fairing too well today either. we'll find out what to make of it here shortly, but so far we haven't seen new lows. so far, but the longer I wait to publish this the lower silver drips. guess I should have sold off more silver than I did when it was up. but I didn't. the Ratio is right at 63 now. pretty exciting stuff.