Wednesday, August 26, 2009

Oil

I trade more than Oil but If I had to put my finger on it I would say crude is a leading indicator
as Oil got tired yesterday and we posted after flattening at 74.8 (the worst you should have gotten is 74.6 there were at least 5 minutes it stayed up)
Oil pulling back contributes to the idea that the rest of the market may tag along
and like oil the market has made a very nice run and a pull back cannot be viewed as calamitous
rather a chance to buy in. Today however the EIA is still the key 17 minutes to durable goods