Monday, June 1, 2009

The Greater Idiot Theory-Just bought the mini-pullback at 67.65


I am advising the membership to stay on the entries as I am trading this very close and will get in and out for a quarter if I feel things shift.  I just went long one contract to satisfy the blood lust from missing last night's entry-Some might consider this chasing but In Oil's case 
as we have stated the pull backs are for buying and this past week they have been sparse as well
so you take what they give you sometimes. 
Now that oil has made such long strides to the north the Greater Idiot Theory comes into play 
as late comers will start to buy as now that it gone up the nature is for them to mimic. This can and should take Oil up one more leg but it is a very slippery slope now and a real pull back is eminent. Where I sent out the Member pricing is my target to reverse short term let it correct 
and buy again probably in the low 60's.



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