Well, we have a bit of a conundrum on our hands. Oil prices spiked above $112 per barrel, briefly, last night, thanks mostly to technical pressures the forced buying above the $109 level. We have been advertising an upside target of $112-$115. So, we should probably declare victory and pack up our tent, but we would not do that to our loyal readers. Seriously, it is probably advisable to take some profits on some length. There will likely be another surge and a print at or near the $120 level is the more likely topping out point.
Energy Overview — TotalView™ of the Energy Markets