iBankCoin
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
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A Crude Fade

A pipeline under fire due to a Saudi Arabia’s Eastern Revolution appears to have sent crude oil higher above $110 this afternoon. Stocks are well off their highs, though the leaders of the day such as Goldman Sachs remain strong. Although the bears were basically unable to follow-through to the downside from yesterday, the bulls still need to get one of these breakouts to stick. Otherwise, we are still largely correcting sideways, through time.

I had noted the bull flag on USO, ETF fro crude. I am impressed with the buy volume after this recent mild pullback. That said, crude was set up well even before this news. So, I would resist the urge to extrapolate that stocks must go down just because crude goes up and looks to go higher.

More on the recap after the bell…

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3 comments

  1. Steven Place

    OH YOU JUST THINK YOU’RE SO GODDAMNED CLEVER WITH YOUR HEADLINES

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    • 0 Deem this to be "Fake News"