$88 Oil find's supportLast week Oil spent time at $88 so this might be a number that we'll return to for support. Maybe overseas will give it some lift and as I said $91 Oil is where Oil needs to return to break the downtrend. Everyone expected this sell-off after 5 strong bullish days which cleared the path for higher Oil. The economy is the biggest hurdle to having higher Oil but I can see Oil being pushed back to $90+ when the traders are ready and they find a reason to fit the drive. It's going to take time to have Oil return back to stay in the $90+ the same amount of time it took to lower through it. And Oil really needs to jump higher before economic data drags it down which will happen so they need to push Oil higher in the next weeks. Should be interesting times. BTE closed at $6.64 and seemed to be oversold Things could turn around tonight for Oil.
Trading stocks is a fine blend of Optimism, Pessimism, and Realism