Scraping the Bottom of the Barrel
While I have clearly stated my theory that the oil market is engaged in a bottoming process and has not necessarily reached a bottom, the deep selloff today represents a possible bellwether, and I am taking it very seriously.
I had set a bottom on crude in the mid- to high-$70 range for WTI and the low-$90 range for Brent, while looking at about $105 for about as far as I expected the oil market to rally during this bottoming process. Obviously, the $107 price we saw last week came as a surprise, but today's quick $4 drop in oil was far more than even I could have expected. And it's coming with other indicators that are equally disturbing....344 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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