RE:RE:IC on Oil + commentIf you look very closely at the IEA report for September it makes highly cryptic reading. Falling production and rising demand in August, largely balanced supply and demand currently - perhaps very marginal over supply and clear forecast of a major shortfall in Q4 and thereafter.
Then in the discussion section they say the complete opposite. Reminds me of the leading Dow Theorists report in 1929, at a time Dow Theory worked well as a long term trend change indicator. The report clearly shows the end of the bull market indicated by the Dow Theory and the facts. But the market mood remained so bullish that the discussion appeared highly applogetic for the Dow Theory conclusion, reporting the facts then effectively stating that the 'wisdom of the market' must be respected - afraid to put their stick firmly in the ground against the majority view, despite the evidence, just like the IEA now.
Strange times, could stay strange for a few months yet.
Doug