Wednesday, February 20, 2008

Feb 20 Crude over $101

The run up in Crude Oil came unexpected, as many momentum rallies do. Now that Crude Oil is hitting all time highs we are hearing as many reports (good and bad) that fuel the attention and momentum to this move.

ES makes a surprise move up intraday before the FOMC minutes are released.
The stock indices are consolidating into a bear wedge pattern.

It seems to me that the bond traders already knew of the potential quick rate increases the FED was thinking of in the future. The FED said they were planning on cutting rates, and the emergency cut on Jan 22nd wasn't done to save the stock market. I think that's BS.


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