Anyone care to speculate on the prospect of >$50 oil and the effect this will have on rthe economy? It is certainly effecting my trading.
Stock traders (who generally want to push the S&P up out of the channel it's in, I feel) have one eye on the oil chart and are as nervous as buggerry...and getting themselves into a bit of a flutter anytime the oil chart starts tracking northward intraday.
November crude has already had a couple of prods at the psychologically important $50 barrier, and some "ex spirts" think this is only the beginning.
Technically, this is not looking toppy at all, but my "guess" is we may see a retracement from here before it blows thru 50.