WTI played out exactly as predicted, without as much of a pull back as I was hoping for though. I can see the CNBC guys crying themselves to sleep. The front page of the site is completely devoid of articles about oil. I know it’s beating a dead horse, but there is no limit to the satisfaction I get from mocking that farce of a “news” and “analysis” network.
Now with $58 resistance broken, the sky is the limit… or at least $67 (for now). The icing on the cake is that this break came on a down day for the market, again proving that this oil price action is NOT a currency trade. Back at the gas pump though, my enthusiasm withers and dies.