Crude Oil Rallies Look Like Selling Opportunities Page 2
On the OPEC front, traders are awaiting next week's meeting in Algeria, on Dec. 17. Most market watchers agree that a cut in production quotas has already been priced into the futures market. Much of Thursday's price gains were attributed to the likely OPEC production cuts. How much of a production cut by the oil cartel remains uncertain. That will keep traders paying very close attention to OPEC news next week.
P.S. Will you be there when Cramer makes his next move?
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Oil Crude's Time Is Nigh 12/8/2008 4:30 PM EST This ETF will zoom when the commodity snaps higher after the downside overshoot.
Jim Wyckoff is a senior market analyst for TradingEducation.com a free educational Web site. In addition, Wyckoff writes a blog offering current market commentaries every morning on TraderBlogs.com. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Wyckoff appreciates your feedback; click here to send him an email.
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