Oil Sentiment Back To Early 2009 Levels Of Despair

The chart below from Sentiment Trader shows oil pessimism has now moved back to levels last seen following the Lehman crash when oil traded close to $30 a barrel.
Readers know I love to purchase assets when they are hated. If they become more hated, I love them more. Oil and oil related stocks have been on my shopping list for years, and I began purchasing again when the black gold hit $68 at the end of November. I plan on continuing to accumulate until it crosses back above $70 or until optimism returns. Hopefully that is years away.
h/t Short Side Of Long
Hi there,
ReplyDeleteAny advice on a method of buying oil? Through a fund or shares in oil companies?
Tuna, would you consider the possibility of a contagion effect from a prolonged period of low cost oil? How low can it go, and for how long? The socio, political and economic implications on oil-producing countries like Russia (remember 1991 when the USSR fell? And the Gulf War that ensued subsequently?), and to the OPEC states as a whole make the present conditions unsustainable for extended periods. .
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