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IBDvalueinvestin (99.67)

Oil Surges nearly 6% Intraday. The biggest Intraday gain since 2008

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September 30, 2009 – Comments (4)

All eyes will be on Oil on Thursday both longs and shorts as they try and take advantage of further gains or a retreat as profit takers could show up in mass.

http://www.bloomberg.com/energy/

 

4 Comments – Post Your Own

#1) On September 30, 2009 at 3:59 PM, IBDvalueinvestin (99.67) wrote:

Oil traded from $10 to $35 range for 20 straight years. Then in the last 5 years all of a sudden it soars to $50-$147 range.

http://www.indexmundi.com/commodities/?commodity=crude-oil-brent&months=300

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#2) On September 30, 2009 at 4:39 PM, JaysRage (88.92) wrote:

My personal opinion is that this is the "Iran factor".   There was no corresponding spike in metals.    I think is purely supply-disruption speculation.    Of course, I could be wrong, but that's how I see this one.     

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#3) On September 30, 2009 at 5:20 PM, davejh23 (< 20) wrote:

Oil fell 8%+ last week...maybe the surge is just a correction...the reaction to increasing supplies was overdone?  Or, the oversupply is now being balanced by supply disruption speculation.  I wouldn't bet on many similar one-day moves unless something big happens in Iran.

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#4) On September 30, 2009 at 5:42 PM, cbwang888 (25.84) wrote:

Two things:

   China

   Sinking USD.

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