The day when Goldman Sacks promises $150-200 per barrel oil price - oil stopped been commodity and finally became JUST A TRADING INSTRUMENT.
If GS can move the price of oil ( cornering IS illegal, is not it?) just based on its reputation of been not dumber than a bag of hammers and shorting subprime/mortgage hysteria ( all idea attributed to JUST two Goldman traders, Michael Swenson and Josh Birnbaum who barely escaped been shown out of the door for having common sense) , so if GS can move the price of oil over 9% in a matter of one week - this is AS HYSTERICAL as it gets for oil now.
Let see if applying just simple technical observations ( I really hate to explain how I read charts ) and not paying attention to any "influential" news we can prove that oil is purely technically affected trading instrument and not something of Intrinsic Value anymore.
Below are 2 intraday charts of DIG/DUG followed by daily charts.
On intraday charts pay attention to MECHANICALLY GENERATED BUY/SELL signals ( red/green bars) and VOLUME during down and UP moves and on daily charts note two huge volume spikes and resulting moves. Make your own concussions - I am short oil - are YOU?.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKXErD1j0gB7Czwj1PFPacSRzD0muEF1-upkFQ4pOZ5g_jNbivIn4s9XdVDhSTXaDQrdHndLVx0MFO7tZ6kPu6hELRz87_azDcV2MIB3Z9ihyTujSKEzrRyy8mpOPE-wr8S94v/s320/Chart+of+DIG.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhc_OX1IazxjsbFxL_mXVL8Odb1R3FwgGqbHaGZCyEqP2LgYuACFoJxgrs7MNfBMneilK_b_60NKQSOZ3M_AlHm8WBfdzf4KOyDwi8trZ0yI3nRV0atJ9iny6dSSAFHcJL9MGzW/s320/Chart+of+DUG.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigI_fHuaug85luKm-78-vjsDBFjVD0HD-Z0jRTinFnHkgrXQmEdfVWwrshkgeWPMy2hck1xa3g0pmfo7Hw-h7n01PertZTuzaphm8R5EXz-XYG4xr0EZPjwsiMmatLAU1EIjB5/s320/Chart+1of+DUG.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEpkPIL8DCG9LSOmQ7TmG_Q1MeMXW3L1B8NvG61NZAno24SNEzqKPafVTo7DE4KWXkhlbnNlzFq9xCmg_n2sA7BTGx-YEkagejt_pN_Cr0qJ88Nnqg09m5oTGGkFZ-nqdL0xAP/s320/Chart+1of+DIG.gif)
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