Crude Oil, Spreading Fear Throughout Wall Street
Posted on May 9, 2008
Filed Under Market Speculator |
As Crude touched $125 overnight many are fearful that these high oil prices will destroy the stock market. So far, these high oil prices have only produced 1 distribution day in the past week. It seems that the elephants continue to stay on the sidelines of this market. They are neither buying nor selling. The ole saying; “Never Short a Dull Market” is so true here. This market is simply bumping up against resistance, until we breakdown on higher volume I continue to see this market higher. It has not proven me wrong yet.
I would still exercise caution if you are going long. I would not short this market at all, its far too dangerous to do so. Short interest remains at 5 year highs, although sentiment on Wall Street may be slightly bullish, their actions are telling a different story. In addition, Main Street believes we are in a recession more fuel to the upside fire!
Enjoy your Friday!
Market Speculator
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