Great day today but will Oil sell off tomorrow?The real test is whether Oil will stay above $96 and run up to $100 or did the traders run up the price in order to sell all the cheaper Oil that they bought. Plus today was absent of any US data so traders enjoyed the freedom to run wild but starting tomorrow US data will start dribbling out once again. One thing is for sure, US Oil and NG prices are getting to be too high for the economy but greed has entered the stage and everyone knows that in time we'll look back and realize that rising Oil and NG price were to blame for an economic implosion. I'll tell you one thing, If I was a country I would be buying cheaper Oil from Russia and Saudi Arabia and tell the US to stick it. If you think about it, them selling Oil cheaper is a great move like Walmart, "selling more cheaper" taking business away from the US. I wouldn't be popping the cork on any champagne just yet.
crazy times for sure.
But we all made money today!