Investors begin cashing out their black gold today …
To rehash a common theme that analysts love to use when they are either very wrong or simply confounded by the markets:
Markets can remain irrational longer than you and I can remain solvent.
That was from John Maynard Keynes.
And in the latter part of crude oil’s sharp rally since the start of October, I’ve tried to heed that advice. I expected we could see some type of blow-off move, much like the near 3% rise yesterday that took crude oil to and through a key psychological level
It looks like the kind of move that’s meant to shake people out. I’d like to think it also offers an opportunity for the smart money to get in … and get short.
No new recommendations or adjustments at this time.