When everyone gives up on stocks and says oil is the only way to go then you know you are getting close to a reversal, but unlikely to happen for a couple of weeks.
The US indices are looking for a new bottom and oil is up over $141 tonight.
The Fed don't meet again for two months but they have little choice but to raise rates in August to support the US dollar which will hopefully constrain oil (even though oil continued to rise with a strengthened dollar since March)
It will also help the $A exchange rate as many Oz companies are struggling with near parity with the US dollar.
Overall, no real catalyst for a jump tonight.
rebound on us markets tonight, page-7
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