Oil Rises 30% in May. Biggest Gain in 10 Years.

Tuesday, October 13, 2009

Oil prices have risen roughly 30 percent this month — their biggest monthly gain in 10 years.

This is a good example of an overbought market becoming more and more overbought disregarding conditions. Profit taking and fundamentals will send this overbought down for a big correction soon and then I will be able to quote Jesse Livermore, "But I can tell you after the market began to go my way I felt for the first time in my life that I had allies - the strongest and truest in the world; underlying conditions."

When it turns, I will add agressively to my shorts. Playing the next downturn in oil will be the best trade for the next few months.

Petroleum Oil Gas info Blog is a website for active online futures and stock traders. I will provide my real time trading decisions and my market thoughts on this webpage. Trading is not as hard as some think and definitely not as easy as some wanted it to be.

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