Fickleness in the Energy Pits (ETF: XLE)

 |  About: Energy Select Sector SPDR ETF (XLE)
by: David Fry

The only news of any consequence yesterday was the sharp drop in crude oil prices. As we’ve been suggesting oil prices, based on current supply, should be much lower. But, geopolitical risks have maintained a strong bid under prices.

It’s been a day-to-day phenomenon where if tensions increase, prices increase while the opposite occurs if perceptions moderate. Chavez calling Bush a “stupid donkey