Right out of the gate ....
Bulls pushed oil future to 109+ a barrel. Despite a fearless
attack, oil bears held the line at USD 110. For hours, bulls
and bears were fighting hand-to-hand. The USD 109 line, was
crossed, pushed back and then retake again.
The battle was briefly interrupted by a US Fed announcement.
Uncertain on the implications of the Fed's action to liquify
the US credit market the bulls paused. Taking full advantage
of the lull, the bears summoned the strength to push the oil
bulls back to behind the USD 108 line.
Then, the determined bulls drew the USD 108 line in the sand
and threw down the gauntlet and mounted an admirable defense
to hold the line. Near the end the bears were out manned and
out gunned. They beat a hasty retreat back to the safety be-
hind the USD 109 line. Happy that they managed to secure the
USD 110 line. Exhausted, the bulls decided to call it a day.
Satisfied, that their efforts resulted in an excellent field
position at USD 108.73.
Which, is just a stone throw away from USD 110 .... :)
Regards,
Albert K. Fung
La Brisas/Valle de Guadalupe, Baja California, Mexico.
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