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Reply #36: Crude holds gains Monday afternoon [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jun-20-05 11:18 AM
Response to Reply #5
36. Crude holds gains Monday afternoon

DALLAS (MarketWatch) -- Crude-oil futures continued to trade higher Monday afternoon on the New York Mercantile Exchange. July crude rose 28 cents to $58.75 a barrel, and August crude, which becomes the lead month contract at Tuesday's close, added 32 cents to $59.50 a barrel. "If buying continues without consideration of the underlying fundamentals, there will probably be no new buyers to sell to when these elements determine to take profits," said Mike Fitzpatrick, energy analyst at Fimat, in a note to clients. "This is the classic overbought situation."

"taking profits" usually means some else get the loss - I wonder if anyone is considering how all of their casino crap shoot is dealing a major blow to the economy that they spew so much about? :shrug:
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