Everything about the open and the subsequent rally reeks of a bottom. You get an opening flush, the weak are disabled and killed, eaten by the strong — life goes on. But this drop in crude, although clownish in its demeanor and candor, is alarming.
There is a thousand reasons for the drop — but the only one that counts is economic weakness.
For the love of God, we’re about to get tagged with a $4 handle on WTI. How can you sit there idle?
I know, bull markets are often nourished with the blood of the coy and the stupid. This is how Commodore Vanderbilt made his fortune. But I must say, this does have a feeling of being too good to be true. I just got done selling out all of my stocks yesterday, so I think I’ll pass on buying the first dip.If you enjoy the content at iBankCoin, please follow us on Twitter