That Was Fast: Oil Back to New Highs

In just ten trading days, oil hit a high, corrected by more than 5%, and then rallied back to hit a new all-time high of $119.97 yesterday. Since its low in 2001 of $17.45, there have been only five other periods where oil hit a high, corrected by at least 5% and then rallied back to new highs in such a short period. In those five periods, the average one week and one month returns were losses of 3.9% and 4.5%, respectively.

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Comments

[JREwing]

hehehehehehehehehehehe...

[tessant]

combine the high price of oil with the solar sell off (before today), and thats even more reason to grab the solars. even if you think its a fad, with $120 oil, it is hard to think its going to selloff hard...

scott
solarfeeds

[benisanidiot]

crude oil prices are being manipulated ... and the bloody authorities are not doing anything about it

how do you explain this constant run-up and the underlying volumes and big trades, and all the suspicious going-ons?

see below:

atimes.com/atimes/Glob......

news.yahoo.com/s/ap/20...