2.22.2008

PRE MARKETS


So one of the most influential guys in the world of crude speaks on CNBC and says he nailed the rising price of oil claiming for at least 6 months that the price would exceed $100 per barrel.


Now, he expects the price to fall to $85 or so and then go back up to well over $120. Oh, and did I mention he is short crude? Nice to be able to do that.


Crude did fall on Boone's comments yesterday but I suspect calling the pull back here may not be so profitable as it probably should be lower based on his market moving comments - and down about 20 Cents this morning.


And what does Boone own- How about VLO SU XOM OXY DNR SLB CVX and CLNE. Not sure what kind of a trade Boone is, but if he expecting a 15% drop in the price of crude, its not gonna help those longs.


Believe it or not, markets are set to reverse yet again this morning as the futures indicate about a half % gain on most major market indexes.


Dick Arms looking for a move higher:


"The Arms Index numbers on the five-day and 10-day moving averages are very neutral, but the 21-day, which gives us longer-term projections, remains oversold. So the implication is that the current ambivalence will lead to an advance. Two days ago, I suggested putting on some long positions for a rally of more lasting proportions than we have seen recently. The two trading days since then largely offset one another. I would hold longs in here."


RSI (2) levels at yesterdays clos:


SPX 26

DJIA 25

NAZ 26

NDX 31

RUT 23

MID 34


Bottom line- don't get to bullish higher or to bearish lower for now as the trading range rules.

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