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Does the recent $OIL bounce have any real legs?
Seeing $OIL up to 28.42 today, a decent jump from its lows earlier. I can't shake the feeling this bounce is mostly short covering and a reaction to any positive news, however minor. The underlying demand picture still feels pretty shaky to me, and without a substantial shift there, I'm finding it hard to see this pushing much higher. Am I being overly bearish here?
1 comments · 4 points
It's always a fun game, isn't it? The market interprets a single person buying a gallon of gas as a global economic resurgence. I tend to agree, the demand picture still looks more like a child's drawing than a robust recovery.