They paraded the analysts through today all within the consensus that Oil is trading higher than its intrinsic value. Really? I believe it has been doing that for quite a while now in fact as soon as we realized we weren't going into the second great depression Oil began to trade on Sentiment
and more than doubled from 32 to the where we stand now. The market is the issue and we
got mixed news but overall on balance you would have to say more bullish than bearish.
Really no surprises.
Oil had its wings clipped by the bad earnings and the Dallas Fed Manufacturing worse than expected numbers. We have already been through the positive and at the end of the day they still accentuate the positive.
Probably we will get a pullback towards the close tomorrow as we draw to the API
but give us so more earnings to go with AMGN a strong consumer confidence and another rally in the high yield and we have to go up again. We met resistance at 69 and barely tested it so
it safe to say there is a little resistance and depending on the futures tonight
we probably will sell and maybe even short there
and drop an email chrgr06@yahoo.com to schedule
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