Alright you little bastards, the moment of truth is at hand. Three weeks ago you bid crude oil back above $90 a barrel.
I have no fucking clue why.
I’ve heard plenty of reasons behind the move; some of them have to do with European salvation, some are inarticulate murmurs of eternally declining supply and more expensive extraction methods, some have to do with lines on charts, and some are just stupid.
But the biggest reason of all is that the Federal Reserve is going to announce some grandiose plan to destroy the dollar.
Between then and now, we had a MASSIVE 4 million barrel build in reserves, reports of increasing production out of Iraq, the death of the Libyan leader Qaddafi, and horrific, godless numbers in manufacturing coming from various parts of the U.S., some of China, and most of Europe.
So I’ll see your bet and raise you one .44 caliber revolver in my mouth. I added to UCO yesterday.
*CLICK
Your turn.
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Cullen Roche at PragCap has a pretty good essay on the fiancialization of oil – worth a read. http://pragcap.com/oils-endless-bid
good post Cain.
cant see The Bearded One acting yet. We are by no means in a world of hurt. I think hes saving the bullet so that when the rally does come it carries 0bama into the next term.
Bang
Is a 44 to your mouth optimistic or pessimistic?
No one who plays Russian Roulette is that optimistic.
click