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Crude Oil, Spreading Fear Throughout Wall Street


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As Crude touched $125 overnight many are fearful that these high oil prices will destroy the stock market. So far, these high oil prices have only produced 1 distribution day in the past week. It seems that the elephants continue to stay on the sidelines of this market. They are neither buying nor selling. The ole saying; “Never Short a Dull Market” is so true here. This market is simply bumping up against resistance, until we breakdown on higher volume I continue to see this market higher. It has not proven me wrong yet.

I would still exercise caution if you are going long. I would not short this market at all, its far too dangerous to do so. Short interest remains at 5 year highs, although sentiment on Wall Street may be slightly bullish, their actions are telling a different story. In addition, Main Street believes we are in a recession more fuel to the upside fire!

Enjoy your Friday!

Market Speculator

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Comments

One Response to “Crude Oil, Spreading Fear Throughout Wall Street”

  1. Crude Oil, Spreading Fear Throughout Wall Street | Investors Paradise on May 9th, 2008 12:10 pm

    […] As Crude touched $125 overnight many are fearful that these high oil prices will destroy the stock market. So far, these high oil prices have only produced 1 distribution day in the past week. It seems that the elephants continue to stay on the sidelines of this market. They are neither buying nor selling. The ole saying; “Never Short a Dull Market” is so true here. This market is simply bumping up against resistance, until we breakdown on higher volume I continue to see this market … [visit site to read more] […]

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