Oil back in '08-09?

Question

Do you guys remember back in 08-09 when oil tanked? Did that precede the recession or kind of coincide with it? Just trying to remember the timeline of events.

ogmike · Answer

Do you guys remember back in 08-09 when oil tanked? Did that precede the recession or kind of coincide with it? Just trying to remember the timeline of events.

wallstreetcappers · Answer

It coincided in fact the drop happened because of the stock market implosion and commodity selling to cover margin issues in the market..IMO

hotdamn85 · Answer

52%/$$$$52$$$$$ai remmeber 08 when people were stealing from other peoplein july 08 there was alerady ppl stealing and lootingthe economy was in bad shape and people were trying to find new jobs09 march was the lowest point in the DOW.05-07 people were still buying houses when people on forums were saying this is similar to the 80s crash.0il is indicator of when a recession is gunna hit.and yes its gunna hit soonplenty of people are looking for some sort of work right noweasy credit right now too...i think capitol one is the next guy to merge with another when the crash happens again

sparty444 · Answer

This drop in oil is a political maneuver designed to put Putin in his place.

Champ_Iz_Here · Answer

somebody gets it

Knoxpoker · Answer

Can i say something here ?? The market is not left to chance.. We have to have pullbacks to create value for buyers to come in.. We CAN NOT push thru 18,000 with out big time buying force..

This market is not for me and you , it is for the big boys,, The people that control this market can care less about me or you .. The retail investor..

They are in the process of "scaring down the market so the big boys and banks can get fair value and start buying the market up again.. Today was like October all over again.. Scare it down then push it back up thru highs.. We are in the scare phase.. All over CNBC you see the words "PLUNGE" "MARKET SELL OFF" FEAR FACTOR... All a bunch of non sense...

Once you see a bullish engulfing inside day, wait for half retracement and jump in .. It will start for the highs again...

I like this level we are at today at 17,325...

if it continues lower then i would wait until a break of todays low to the upside ..That would be a good sign it is going higher. If we get a bullish engulfing candle from the FOMC news tommorow, then that tells you they were scaring it down for the big boys to get good value knowing the news before hand and are ready to make a run at 18,000 again.. This is a game and you just have to see how they are going to play it out. They know what they are going to do before hand and we are not fortunate enough to get that info ahead of time...GL I only do this for a living and have seen this stuff happen over and over and over again...

lets see what happens tomorrow.. I am going to say this now ... The market will rally of the news and we will go back towards 18,000 again .. My game plan is to buy the dollar vs the yen

here is why .. on the WEEKLY we have major support at 117.9 .It is sitting right on the 8 ema .. We already broke thru 3 levels of support this week.. I am ready to buy once i see this pair go below 117,900 and come back up and close above and hold for the ASIAN session, then I will pull the trigger even before the FOMC.. If i am wrong and the news drives the Market and Dollar lower, well I will deal with that when and if it happens...GL

Knoxpoker · Answer

Market opened up 133 points today.....So far so good... Lets see at 2 pm the FOMC...

Rush51 · Answer

[Quote: Originally Posted by sparty444] This drop in oil is a political maneuver designed to put Putin in his place. &#xD;&#xA;&#xD;&#xA;&#xD;&#xA;[/Quote]&#xD;&#xA;Yet, another troll that believe the U.S. controls the price of oil. Lol.. In fact, it&#x27;s OPEC.

Rush51 · Answer

&#xD;&#xA;First off, it&#x27;s important to understand the difference between the financial crisis, and what we have today.   08-09 was a "demand" pull-off...  The global economy was tanking because demand was falling off a cliff. &#xD;&#xA;Fast forward to today.  Most of the fall in oil prices is due to the "supply" side of the equation, most notably, the U.S.     The U.S. has increased its output almost 3mbpd in the last 5 years, almost the size of Venezuela&#x27;s "total" output (3mpbd).  This is significant.  Remember years ago when these A##sholes in Nigeria would blow up pipelines and prices would spike ? Well, if you didn&#x27;t , you paid for it at the pump.  That isn&#x27;t happening now with the increase in global supply.&#xD;&#xA;If you are trying to compare the events of years ago to what we have today, nothing could be further from the truth.  We are not about to enter a crisis like we did in 08-09.

Knoxpoker · Answer

[Quote: Originally Posted by Rush51]  &#xD;&#xA;Yet, another troll that believe the U.S. controls the price of oil. Lol.. In fact, it&#x27;s OPEC.     [/Quote]brother you are crazy if you think this country will let the price of oil be controlled by anyone other then themselves... Just like the US does not manipulate the price of Gold ???? They are doing a good job of keeping you fooled..

Fire_Control · Answer

The US and Saudis realized that crushing oil prices would hurt all their enemies. Ex russia, isis, Iran and Venezuela. It was a no brainer by them.

Rush51 · Answer

You guys are missing the boat on this one. What you are pointing out, hurting their enemies, etc. is an outcome the Saudis no doubt are smiling about... but it is not the primary reason for their actions.

They are advocating keeping the spigots open, because if they pull-back, others oil producing countries will fill in the gap and steal their market share. This happened in previous dips in oil, and they are not about to let others steal their prized markets again.

Knoxpoker · Answer

All I know is that every night before I go to sleep , I dream of another recession.. I can not wait until they pull the plug on the market and we make the most amazing free fall down.. I already have everything ready to short.. The ETF accounts are ready to go . And the XLF shorts will be ready to go on a moments notice.. I hope it is one of the most crushing recessions ever...

I_Need_A_Detox · Answer

[Quote: Originally Posted by Rush51]  &#xD;&#xA;Yet, another troll that believe the U.S. controls the price of oil. Lol.. In fact, it&#x27;s OPEC.     [/Quote]Iran and Venezuela are members of OPEC. For you to suggest that they&#x27;re controlling the price of oil is asinine. "John Kerry, the US secretary of state, allegedly struck a deal with King Abdullah in September under which the Saudis would sell crude at below the prevailing market price. That would help explain why the price has been falling at a time when, given the turmoil in Iraq and Syria caused by Islamic State, it would normally have been rising."-Larry Elliott, The Guardian&#x27;s economic editor

wallstreetcappers · Answer

Detox,It is well known that some of the smaller fish in OPEC are ticked off at the way the Saudi&#x27;s are handing this.

I_Need_A_Detox · Answer

If Iran and Venezuela are "smaller fish", what countries are the "big fish"? Look at the countries in OPEC.. UAE.. Their ports hold more navy ships than any port outside of US. UAE is under our control. Iraq.. Speaks for itself. They&#x27;re under our control. Kuwait.. They&#x27;d be under the control of Saddam if it wasn&#x27;t for the US., I think that speaks for itself. They&#x27;re under our control. Libya.. Gaddafi tried to buck our system.. He isn&#x27;t doing so good today.. Puppet government installed. They&#x27;re under our control. Saudi Arabia.. Royal Family sold their soul to the US in exchange for stability. OPEC puts the interests of the US first. That&#x27;s one of the benefits of having the best military in the world. If you&#x27;re the leader of an OPEC country and you try to buck the system you&#x27;ll be killed. Iran, Venezuela and Syria are all on Russia&#x27;s team. The US will target Iran after Assad is taken out. Cuba was on that team also.. Not anymore. The US just took an asset away from Venezuela to speed up their downfall.

wallstreetcappers · Answer

Its the producers that matter and who controls the decision making process.

FYI the Kuwatis treated us like trash...some people I knew that served and went said we were like hired goons kicked to the curb after we pushed Saddam out.

I dont think it is one sided at all..the Saudis use us, we use them.

Rush51 · Answer

Wall, you put it perfectly .. The producers are the ones that matter and control the decision making process.

Rush51 · Answer

Detox, gotta dispute your notion that the Royal Family sold their soul to the US in exchange for stability.,... because it couldn't be further from the truth. And therefore your assertion that U.S. controls the price of oil, OPEC, etc. is just incorrect and misleading to folks.

There was an article in the WSJ that spoke of the recent deteriorating relations between the U.S. and Riyadh. In particular, Washington's relations w/ Riyadh have soured in recent years due to the difference over the Obama Administration's handling of Middle East political instability. King Abdullah was incensed in 2013 when Obama reneged on his pledge to launch military strikes against Syrian president Assad's regime, following their alleged use of poison gas, etc.

So whether you agree with how this was handled by Obama is not important. What is important to understand is that the relations between the two countries are not for the better.

So, no, Royal Family didn't sell their soul to the US in exchange for stability, and WH is not controlling the price of oil.

Oil back in '08-09?

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