Have it your way, have it your way. The bulls have it their way yet beware because today is a brand new day. With bond yields rising, the Fed Minutes, talking about an exit strategy and the Euro giving back most of its one day gains, the big question yesterday was why oil did not get crushed. If all of oil's strength was because of the Euro and the dollar then shouldn’t oil have fallen a lot harder?
Well obviously it is not all about the dollar and the Euro and the problems with Europe. There is still supply and demand to consider and there is also geo politics but ultimately we know the market's fate still resides in the hands of the world’s global central banks. Yet yesterday oil prices followed through on Tuesday’s technical breakout. The breakout was inspired by a sharp rebound in the Euro and a suddenly sinking dollar.
Yet as those markets reversed yesterday oil kept hanging in there. Oh sure, oil garnered some support from some strong corporate earnings and better than expected economic data but more than anything it seemed to go higher because there was not a lot of resistance to stop it. Oil is in a bit of clear air on the charts so the bulls do not need as much news to keep us higher and they had their way with it yet with the Energy Information Report looming and continuing dollar strength overnight, oil may have a harder time have it its own way.....Read the entire article.
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