Morning all. Crazy moves on silver and oil yesterday. WTI was up...

Morning all. Crazy moves on silver and oil yesterday. WTI was up 8.5% at one point. It still needs to catch up to Brent Crude which looks to be about $10 bucks higher, but that keeps rising too.

Higher oil prices may start to weigh on discretionary spending and stocks, but certainly that is longer term.

Silver future spreads as of Friday have gone negative (backwardation) and as its happening with rapidly increasing prices, is a sign of a supply squeeze. There has been much talk of taking physical delivery of the March contract to 'bring down COMEX' and 'bring down JP Morgan'. Delivery cutoff for the March contracts is next Monday COB US time, so I will be watching it very closely then. I would not be surprised one bit if they ramp price up to then, perhaps to $40. Could it possibly then fall back to earth once delivery has been locked in???

As for equities, a small correction may be underway, I will repost what I stated last week in the running of the bulls thread: 'good time to buy crude oil in the following maybe 1-4 weeks. XJO seemed to have a slightly lower low, for a good XJO buy say 4-12 weeks forward'.
So, as oil moved immediately, lets reduce the time frame a bit, and estimate good XJO buying 2-3 weeks forward perhaps?
That would give the markets enough time to digest whats going on in the middle east. There is still much uncertainty, and there's clearly a flight to risk averse commodities underway.

PS bring back Volt.