Oil hit $140 yesterday. Even though it is off today, it has completed a bullish triangle pattern / double top breakout at $139. Joey-bag-o-donuts should get ready tap into his refund check just to buy gasoline. What? He already used the check to buy a TV from [[BBY]]? Ha!
The price objective is now $172 for crude oil. Write it down, friends. Overall, the technicals for oil remain bullish.
I took the GW Psycho test and failed. I said the woman killed her sister because she wanted to go to another funeral. The guy was irrelevant.
The Univ of Chicago study published in IBD, indicates that sector and market risk account for 80% of price action in a stock. However, the average Joe Blow investor and his broker probably spend 80% of their time analyzing the fundamentals of a company and assessing it’s risk. Odd, no?
[[UA]] is an even better short sale at these levels ($32.65).If you’re into picking some stocks right now, I think [[TWI]] , which closed @$42.77 yesterday, is a buy with a price objective of $56.
Don’t forget that [[DBA]], $40.51 and [[USO]], $108.27, are good bets. No more corn will be planted in IA. Sorry.
Oil is the world’s currency and touches just about every aspect of our lives. The world is dependent on it.
Time for my morning coffee and bagel.
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