T. Boone thinks oil is going back to 100. T. Boone may be selling snake oil (less than $100, but in extended uptrend), but that doesn’t mean he’s dumb. And the oil market is oversold. We declined the short in OIL because we thought it too volatile — especially for readers who might not be experienced. Now there is a clear pattern of accumlation as well as a volume spike that may be conclusive. It is an obvious speculation and might appear to be grasping at a falling knife but we will be scaling in starting tomorrow.
Don’t do this unless you are prepared for volatility.