Morning update (2):
Bulls hold on, even after a crude spike to 133 following the inventory release. Many hedge funds that were heavy in commodities are probably parking their money in equities before the end of the month. I guess their reasoning is that oil is peaking. They could be right if CL loses 129 again but inventory days are very volatile for crude, so be careful. What is very surprising is the strength in oil even with the dollar rally.
Bulls hold on, even after a crude spike to 133 following the inventory release. Many hedge funds that were heavy in commodities are probably parking their money in equities before the end of the month. I guess their reasoning is that oil is peaking. They could be right if CL loses 129 again but inventory days are very volatile for crude, so be careful. What is very surprising is the strength in oil even with the dollar rally.
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on Thursday, May 29, 2008 at 5/29/2008 10:46:00 AM.
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