Friday, May 21, 2010
Phil Flynn: Oil Fundamentally Speaking
The fundamentals of supply and diminishing demand has taken over crude oil as opposed to the fundamentals of economic illusions along with global markets that are crashing down.Oil got crushed into expiration, dropping to a low into the $64 a barrel handle before coming back on rumors of euro currency intervention. Yet the Wall Street Journal says that, “the sharp rally in the euro against the Swiss franc in Asian trading Friday was most likely due to large scale covering of short positions and profit taking rather than intervention from the Swiss or other central banks.” Yet many floor traders in Chicago disagreed.....Read the entire article.
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