The Schmeissing Continues
The sharp drop in oil is continuing today. Oil is down over -3% today, falling below the $52 level for the first time since June, 2005.
Looking at the oil ETF (USO), it is now down over -14% ytd. That is a huge move in such a short period.
While longer-term, a drop in energy prices is bullish, the speed of the move is causing some dislocations in the market that I believe are spilling over and causing some weakness is the broader market.
Looking at the oil ETF (USO), it is now down over -14% ytd. That is a huge move in such a short period.
While longer-term, a drop in energy prices is bullish, the speed of the move is causing some dislocations in the market that I believe are spilling over and causing some weakness is the broader market.
posted by J. Kahn @ 11:22 AM
2 comments
2 Comments:
Check the put/call ratio and be a contrarian seems to be a better indicator of very short term market movements at this time.
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