I say that we will hit $90/barrel today. Portugal sold their bonds easily-- oversubscribed 2.5x-- and the Euro is rising. Not to mention that the API and EIA reports will say that energy/crude usage is up (or spun that way).
most reversals happen at the point where smart money takes the profit. the high volume comes a bit later when stops get hit and sheep start running. it doesn't mean we can't go up and retest 85, but doubt we'll go any higher than that.
if this a beginning of a new wave it should take her all the way to 72. we'll know that if (i'm inclined to say when, but with some hedging) she breaks bellow 80. Notice how all of a sudden the china rate hike came to forefront again, and i suspect the inv's will show a sizable built. this was a gift to off load the product from floating storage and close the books by yearend at such prices. it also didn't help to now have two fed gov's calling for a rate hike here, must have been what spooked a couple funds today, imo.
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