Falling oil prices, and week on week gains in equity markets paint a rosy picture of times to come.
Both technicals and fundamentals disagree. SPI is forming a nice double top look for major correction to 3400 and below. Similar bearish patterns emerging in DOW and DAQ.
Remember the old addage, buy on the first major pull back of a new high? Oils last run up failed to print the psychological $50 per barrel mark, and has climaticly sold off to ~$43 before bottoming out. Fundamentals and charts both suggest a continuation of bullish trend this time passing $50 and in time $60+ pb.
