The market has completely brushed off - indeed embraced - the rebound in oil the past few days, despite price levels than 3 weeks ago were causing consternation. After the Japanese news (remember that 'old' story?) temporarily punctured the price, we've seen a rebound and the price in West Texas Intermediate has reached the old closing highs from earlier in the month.
Technically this is a very interesting juncture - in a stock chart, this would be setting up for either a double top (bearish) or a double top breakout (bullish). If it's a breakout, I'll be very interested to see what price levels the market can continue to shrug off as apparently every piece of news the past 6 days requires a gap up to celebrate.
Friday, March 25, 2011
Crude Oil Approaching Key Technical Levels
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows