« Gold Challenging 600 | Main | Dow Forms Another Flag »
April 11, 2006
Oil Pushing 70
If this were a chart of the Nasdaq, pundits would be screaming double top. However, this is a chart of oil and stock market bears are unlikely to see a double top. I do not see a double top in oil (yet), nor do I see a downtrend in stocks (yet). Sure, rising oil prices hurt, but both stocks and oil are still trending higher. In fact, stocks have outperformed oil this year as the Nasdaq, Dow and Russell 2000 are already above their January highs.
Posted by Arthur B. Hill at April 11, 2006 06:22 AM