Oil and the Market
10th May 2008
Oil has entered the parabolic phase of its accent. It was up almost 10 dollars last week just settling below $126. After-hours on Friday, FDX came out and warned because of this. Does anyone else hear the footsteps of the bogeyman called Stagflation? The market has faked out almost everyone. It managed to get the shorts to cover based on the breakout and the bulls to commit new money. I wouldn’t be surprised if the next move is lower.
BA