True story. I played commoditied in 1998/99. Ever $ the market moved I gained/lost $440 I believe it was. I had 8 contracts of oil - about $3500 for every dollar the market moved for me - and I expected the market to go UP and I bought in at $16 a barrel. I think it went down to $11 at one point. Yes, I lost $17,000 + in a very few weeks it seemed. Sucked, because I didn't have the cash to stay "in" and my hunch was right on the money.
Damn ........ so close to hitting the market "right"
Anyway .......... I honestly do not see oil continuing up like this, I just don't. Every market has a "top" and at some point someone will say enough is enough and legally or illegally cap it. It has too great an impact otherwise. I mean, what will happen to goods etc if price of crude doubles etc ?
Oh great I can see this now. Instead of making only $1 Trillion a quarter, Exxon/Mobil will just have to bump that number up to something like $1.5 Trillion. This is insane. We need to drill Alaska, get some good oil flowing, and close the borders. I am paying $2.41/right now, that was today. If it went up that much, I will be paying over $2.50 in the next week or so. In 6 months, with a barrel costing that much, God knows how much we will be paying. Do they actually expect people to live and work with gas prices that high?
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tardfarmer - why yes, yes I WOULD like to make a bet.
I'll send you a 6 pack of my favorite microbrew beer if oil breaks .... I don't know, what do you think top $$ a barrel will be ? Lets set a $ price, a time frame and if I lose you get free beer.
I you lose though I get a 6 pack of your favorite microbrew.
Yup, I'm sitting on some oil stock, not a lot, just 300 hundred shares that I bought for 50. It hit 82 the other day but today is down to 77+. I hate it when things drop like that. It's target is something like 112. If it gets to the 90s I just may sell and not get burned like I did when the big crash came. I can't be taking anymore of these big hits with retirement looming in a year or two. We're going house hunting in Georgia the end of the month. The South will never be the same.[8D]
Don't feel bad Datamax. We were on a roll during the boom days. I had so much hi tech stock it was unbelievable. Anyway, it was fun to make thousands in a day without doing anything. I told my wife one Friday, this is unreal. It can't last. I almost think we should dump a bunch of this stuff and get out. She said, everyone says stay. We stayed. It was a week later the market started down. "We'll wait for a little spike and sell some". Well, we're still waiting for the spike. We sold some, but way to late. If we had sold when I said we'd have looked like geniuses. DUhhhhhhhhhh. We lost mucho.[][:'(] I don't care... we're still moving south. So, we'll just live with just a little less flare...no new blue undies.
Crude oil hits all time high
We sold some, but way to late. If we had sold when I said we'd have looked like geniuses. DUhhhhhhhhhh. We lost mucho.[
][:'(] I don't care... we're still moving south.
So, we'll just live with just a little less flare...no new blue undies.
