Day and 1/2 eventTTSB think this one will run its course today maybe early in the morning. The shorterm bearish longterm very bullish event of opening the strategic oil reserves in Europe and the U.S. had a negative affect on all the markets. I call this long term bullish on the oil markets as indications are the Saudis can't or won't increase production by the 1 million BPD that the world is short Libyan oil. . My bet is they can't and that the 3-4 million barrels of excess production is nothing but a wet dream. Peak Oil baby.
THe EE Bullion Banks are also staring at a amassive call on their short positions beginning next week with first notice days. So they piled on with reckless abandon. May take a while before everyone sorts this out but If we see $9.80 it will be because the shat has hit the fan bigtime.