So let's see. What do the technicians want? Because they are in charge anyway, right? They want to see that head-and-shoulders S&P 500 pattern broken. They want to see fewer decliners. They want to see a successful re-test. Blah blah blah. Me? I just want to see oil lower. We are gripped with negativity, and we are stuck between our own deflation in housing and our own inflation in food and fuel. It's been that way for months.
And then, suddenly, oil is hammered. At the same time, we recognize that the declines have produced some values.
Not a lot.
But among leadership, well, let's just say it is always welcome.
We are not yet at the moment where we are looking at who's doing well, or did well, and who isn't.
We are still at, "Wait, maybe the thing dropped 8% from a top, and that's all there is."
I want more than that. I want oil to crack $90. If that happens, I don't care if people say it is "demand-oriented."
It's something good. In a world where everything's been bad, I will take something good any day of the week.
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