Monday, September 30, 2013

Oil: Hey Look at That

From this morning's "Oil Continues Decline, Approaches Psychologically Important $101.13 Level":
Just kidding about the psychologically important bit. Oil is going down because there is a lot of it around.
Here's today's action, note the gap just after 5 a.m. Sept. 28:

The low over the past 24 hours has been $101.16 and if I were a betting man I'd wager that we fill or at least enter the gap before resuming the downtrend and going through that big fat round number, $101.37 last....
Top tick $102.76, close enough for our purposes.