Mover Mike

MarketClub, a division of INO.com had a darn good sell on Oil for the week of July 18th at around $135. Today, the low was around $118. Their Traders Blog has posted about:

SIX STEPS and the IRREFUTABLE LAWS of the MARKET
What Every Investor and Trader needs to know to Succeed in the Markets.

I especially think Step 5 is apropos,

A full-blown front-page article appears about the particular stock or market in one of the major financial newspapers, magazines, or financial websites. This is often six months after the fact and after a market has shown its greatest appreciation. There is often heavy public buying, even a possible frenzy, as all media, brokers, and so-called “gurus” start to tout the market.

This was the time that oil traded over $142, and gas at the pump was about $4.30. This is when Hillary Clinton predicted $5.00 gas and it was just before the cry to Drill, Drill Drill! got started.

So what happens now and where is the support if you are still long oil contracts?

MarketClub has an excellent video that shows their call to sell AND gives you an idea where support comes in. For me, I notice a big gap on the weekly charts down around $100. I wouldn’t be surprised to see oil fall back there, but why don’t we let the market tell us when it’s time to buy like it told us to sell near the top.

Tags: Energy, Investing //
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