Sounds like Schork has as much contempt for that BOA strategist as I do. Let me throw it out there, oil could go to $40 in the next 3 months. Let the media run with that one. When I dump a couple of $100 billion (amassed from various scared dictators whose people are really angry about food and energy inflation) worth of oil on the market at 7:00 p.m. CDT one evening soon, I won't be surprised to see a $0 print.
That's the market, it twists and turns and I just interpret its movement. I know yesterday or the day before I said it broke the Feb 2011 trend downward, and the truth is it did. However, last night into this morning bulls said nah uh. If oil gets to 108.94 and runs past it by 25 to 35 cents, if I were short, i'd close it down on the ensuing pullback.
Silver goes 41.92 and likely pulls back one last time before taking out previous highs. Right this minute, it looks to me like it will plough through that price, but that's right this minute. Logic says it should pause.
You're right so far, but these crazy markets make no sense, and can reverse in a big way for no apparent reason. We broke the uptrend, and I can't make up my mind whether the last couple of days are a bear flag, or the start of a new uptrend. The whole thing is ridiculous.