Tuesday, May 5, 2015

Oil Is Well?

Oh, punny, isn't it?

Check out this graphic from Zerohedge.

The last few times there were 6 times as many Longs and Shorts, Oil prices went lower from there.

Did everyone all hurry back into oil all at the same time? Kinda looks like it. I wish my market timing could be that good.

Meh, I really want to buy into some O&G counters, but I'm still looking out for the signs of a bottom that I talked about.

USD has weakened, but a bounce looks in play for now. Rig count drop is decelerating. But sentiment and positioning, which I think is the most important, isn't lining up the stars for me.

It still doesn't feel like a bottom to me.

Just sit tight and wait, I guess.

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