Oil: my thoughts
Gary Kaltbaum is an investment advisor
with over 18 years experience, and a Fox News Channel Business Contributor. Gary
is the author of
The Investors Edge. Mr. Kaltbaum is
also the host of the nationally syndicated radio show "Investors Edge" on over
50 radio stations. Gary is also editor and publisher of "Gary Kaltbaum's
Trendwatch"...a weekly and monthly technical analysis research report for the
institutional investor. If you would like a free trial to Gary's Daily Market
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Just a short but sweet note
today on OIL.
Have you noticed how noisy the OIL business has
become? Can you feel all the bullishness on OIL? This may be the exact time
to see a good pullback in prices for both the commodity as well as OIL STOCKS.
Now...don't get us wrong, OIL has been in a bull market and would take a lot
for us to change our stance longer-term. But shorter-term is another story. We
believe there is a chance that OIL prices have put in a double top at around
$75. We suspect a pullback is in order. A break below the low of 5 days ago
should give OIL prices the chance to head back towards $67. Keep in mind, this
group is subject to the noise geopolitcally so we recognize that nothing is
off the table. A break back above $75 will start another leg up. If this does
occur, it COULD be a positive for both bonds and stocks...but that's another
story.
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