When every single argument is bearish for Oil vs. Inflation fears today Inflation wins
with a dose of Nobel Prize Winning Krugman and some Short covering
After this low volume anaomoly we see an argument can be made for stagflation
and that would make it unanimous bearish sentiment but not so fast
I believe we will get a correction but my longer term look is up at 75-85 I am with the boys at Goldman. If thios market should turn up or find some reason to shake off the naysayers Oil will not take its much needed break and run too.
So for the Overnight we remain bearish but cautious the entry points were off at first(we did say if it takes out that price of 67.9 we may reverse to more than one member) and brilliant at the end after several adjustment we have made several sales above 68.75 but missed selling on the extended cloe offering 68.84 I am still a seller Last trade 68.60 at 6:38
Posts
