Despite evidence pointing to the contrary, Wall Street’s finest are out in full force today, upgrading oil stocks without regard for sensible thinking.
From Mother Merrill to shithouse firms like Keybanc, analysts are desperately trying to catch lightening in a bottle, swaddling the seasonality waves, for the benefit of us all.
Even CLR, the unhedged lunatics, were upgraded today.
What does this tell us?
Any semblance of a rally in the price of WTI and a massive rally in oil stocks will take place. However, should this trade fail to materialize by the end of January, there will be a lot of bag holders out there. Remember, price has memory and right now there are a lot of trades being placed–betting that oil gets a respite rally.
S&P futures have recovered. Stocks are dying to rally.
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literally dying… to rally
I caught that as well. Great oxymoron Monsieur le Duc.