Profit taking before the Asians and Europeans wake up tomorrow, and looks like a concerted effort on the part of the US markets 2 MM's to reverse commodities prices today but rebuy and put in new commodities bottoms before the close today?
IMO there was / is a small oil bubble happening, I am not convinced that the future world demand is there vs supply. Last time gas cost $3.50, a barrel of oil was approaching 145 dollars. Now we are at 3.25 and oil is just breaking 90 dollars per barrel. All this tells me is the Dollar has been rapidly devaluating and not a shortage of oil causing the price increase at the pump.
So is the fear factor of FICA money eventually becomming worthless is still intact?
Shure could use some good news from the BOD. Level II is showing plenty of demand and not much on the ask side, still hoping for a little pop out of the low .30's- Not much volume there today.