You know the old saying, “as the price of oil goes, so does western finance.”
Futures are spiking as oil creeps higher. There are overnight reversals in everything, from crude, to futures, to a miraculous turn in Europe.
Considering yesterday’s bloodbath, I wouldn’t be surprised to see a modestly strong market, providing crude can stay above $30.
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Oil went up because Russia claimed again that it was open to talks with EVERY other producer on earth. Not happening. The Saudis are not taking their foot off the gas and are still a hundred yards from the brick wall. They must break a few people first – and the losers are pumping like mad, too. Iran is now in the game. The Russians themselves pumped more oil last month than at any time since the advent of Vladimir Putin, aka “say Moober in Russian”…
The ark is the most sound play of this decade.