Oil opened high today but it is continuing to fall this morning while
stock markets are on a tear upward. I’m
not buying that yesterday’s FED statement on rates is the cause of the
bullishness.
It may be that investors have decided en masse that falling oil is good
not bad!
At 10AM the NTSM analysis is nearly BUY, but the system is based on
closing values and it is always risky to project the rest of the day on the first
half hour of trading. Even if the
analysis were to show a Buy today, I’d rather wait until tomorrow to move since
there has to be some consolidation and prices should be lower tomorrow. Further,
if oil keeps falling some of those oil worries may return.
I have only had a SELL followed immediately by a BUY a couple times in
10-years.
