We took some profits in Red-Hot Commodity ETFs on Friday. Was that a smart move? We’ll find out. I think oil has shot up so far, so fast, it should go back and test at least its $120 support level before heading higher again. Below that, there is strong support around $110 and $100.
I sent Mike Larson this bond-oil chart this morning and asked him why T-notes and oil are moving higher together. He replied: “The inflation vigilantes are on vacation.”
It sure seems like gold is leading oil lower. Could gold retest 850 and maybe even 800 before heading higher again?
More on this topic
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Troubles Brewing in Africa's Largest Oil Producer
(When Giants Fall, 3/10/10)
Like oil for gold? Oil pushing new highs while gold languishes
(CHARTLINES (tm), 3/9/10)
How to Profit from the Next Spike in Oil Prices
(Money Morning, 3/1/10)
Profiting Off Oil's Comeback
(Energy and Capital, 3/13/10)
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