Big Lab

Oil's Bull Now Double the Average in Gains and Length

You can't just say "oil is due for a pullback". The "rise" in oil prices has been attributed in part to the weak dollar. It may cost more DOLLARS to buy a barrel of crude, but it still costs pretty much the same amount of EUROS...YEN...POUNDS.

We can't declare a high in oil prices until the dollar shakes off the cobwebs. Today's Fed decision will likely put further pressure on inflation, but from a high-level perspective that's the least of the dollar's problems.

The dollar is in a downward spiral, and until one sees strength in it, one should not declare a top. That's called gambling, and you're likely to get better odds going to the Blackjack table.