Oil Prices - July 11

[dan_s]

Up, down, Up. Who knows what will happen tomorrow. As I have written in my newsletter, I expect WTI oil price to flop around in the $82 - $86 per bbl range for July & August. There is strong support at $82 and VERY STRONG support at $78.

If we get a few closes above $86/bbl then there is a good chance to move into the $90s.

Our Sweet 16 Growth Portfolio stocks will do quite well in the 3rd quarter if I'm right.

July 11: August crude oil trended higher throughout the session, climbing to a new three day high during the afternoon hours. Early support for the market came from a technical rebound from yesterday's session, as well as a friendly outside market tone. August crude oil prices had a mixed reaction to this morning's EIA data that showed a much larger than expected draw in crude oil supplies, but unexpectedly large product inventory builds. EIA crude oil stocks fell by 4.696 million barrels last week. Part of the large draw came from a pullback in import activity, as well as refining capacity that surged to its highest level in five years. While trading volume was on the lighter side, some traders suggested that the market drafted support on hopes that the FOMC meeting minutes might offer hints for more quantitative easing.

[dan_s]

Respected commodity trader says oil prices will flop around in low $80s until QE3, then rocket higher. Is your portfolio ready for this?

http://finance.yahoo.com/blogs/breakout ... 23936.html