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Old 06-24-2008, 11:05 PM
 
485 posts, read 1,952,755 times
Reputation: 216

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It doesn't take many traders to ring a market.

Remember the Hunt Brothers-they ran the price of silver up in the last of the 70's on a bet!

"Trading Places" is loosely based on the antics of those evil old buggers.

Painful as it is, this was long overdue-the IC engine replaced the horse when there was no place left to dump the dung(not to mention all that horse whiz!).

Time for a new tech to replace the old.
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Old 06-25-2008, 01:06 PM
 
26 posts, read 70,293 times
Reputation: 16
Quote:
Originally Posted by rudy_d View Post
If they were short trading oil, the price would be going down, not up.
You're half way there. If you say oil will go down %50 in three months, and it remains or goes up, then you have to bet EVERYTHING again to cover your loses, then again and again. The only way it stops is when people stop bank rolling their pensions/hedge funds that are investing in a deregulating market. Also, Congress has to make laws to rein in these gunslingers gambling our country away. They are creating a false sense of demand just as they did with the housing market. BTW - whatever your house is worth, we have to go back to 2003 prices because of this huge correction. Worst hit markets are at %25 just another %5 to %8 and we've hit bottom.
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Old 06-25-2008, 07:34 PM
 
757 posts, read 2,553,296 times
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Good point sirbeaubeau. I've been reading a lot lately about whether the increase in oil prices is due to speculation or demand, and there seems to be many mixed opinions. The most convincing argument I can find against speculation is that inventories of oil are very low so, if it's just false demand, where is all the oil that's being pumped out of the ground going?

I hope if new laws are passed, Congress is very careful. Part of the housing bubble can be blamed on the unintended consequences of legislation designed to help homeowners.
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Old 06-26-2008, 02:47 AM
 
26 posts, read 70,293 times
Reputation: 16
Don't get me wrong there is strong demand. China is starting to suffer because of demand/inflation as well. The oil that is pumped out of the ground is out there, it's just the PERCEPTION of the oil is the problem. Israel rehearses a military dry run against iran and the price of oil goes up $3.00 a barrel, why? Fear. The last time I checked Iran isn't on the list of the top 15 oil importers. Screw them. Now if Saudi Arabia got into the fight, well, now we are in trouble. I know, the fear of Arab brothers uniting against a common enemy, us, is bad, but really, they know were their bread is buttered, and that bread is us, slurping down their oil and keeping their palaces cool.

This list is googled top oil importers to the US in 2007. Venezuela dipped because that nut job Chavez is hunting down those yankee devils.

CANADA 1,952 1,795 1,902 1,909 1,846 SAUDI ARABIA 1,453 1,535 1,519 1,458 1,358 MEXICO 1,259 1,232 1,230 1,460 1,471 NIGERIA 1,115 1,154 1,105 891 1,089 VENEZUELA 1,019 858 990 1,182 1,070 IRAQ 679 773 693 562 488 ANGOLA 579 384 469 514 556 ALGERIA 393 247 300 530 495 BRAZIL 201 188 182 175 174 KUWAIT 176 199 218 126 187 ECUADOR 160 231 203 159 200 COLOMBIA 149 135 168 79 100 CHAD 133 101 110 80 76 RUSSIA 106 108 77 269 137 LIBYA 85 75 68 45 56

Sorry about the formatting, I can't figure that out.
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