Oil: How low can it go?
Article found on CNN Money
With the little bit of relief that we’ve all experienced at the pump, it is easy for people to lose sight of the fact that six months ago we all would have thought that $3.75 was high. (at about $108 a barrel, the price of oil is around 50% higher than it was a year ago). Referring to this recent CNN Money article, although the article is extremely pessimistic, I do agree with the Resler’s insight about the proliferating effects of the higher prices on the consumer mindset, “even if they (oil prices) continue to fall, consumers may be wary for the next few months.”
Any thoughts or comments on this?
http://money.cnn.com/2008/09/03/markets/thebuzz/index.htm?postversion=2008090311
Thursday, September 4, 2008
Oil: How low can it go?
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I think this current pullback is going to take the price down into the previous trading range of about $85 to $100.
ReplyDeleteI think it will stay range bound in this range thru the election.
Then I think a steady climb upwards from there..
I think a speculative gamble could be to sell some short term calls at todays price, and then switch strategies once the price dips into the $80's.
Good luck.