Goldsnow, In response to that oil price +2.5% today, I did notice on the future board, yet also noticed that OIl index down another 400 point @518 far below that $530 improtant level.
If oil commodity price is ever so bullish, that oil index has to follow, these few days 4-5 days, oil index behaved very much differently, as a matter of facts, they went opposite direction oil goes up and oil index went down.
Go figure. If both are heading north consistently, then it indicates very bullish, but that is not the case, indeicates commodity contract month expiration, carry forward etc, also commodity tends to be manipilate lots controlled by the suppliers etc which is OPEC themself.
Again, it also has important impact as far as that OPEC scheduled meeting on Sptember 22, 1999.
My speculation is that It appears the outcome is very negative as oil index has reflex that kind of prediction, otherwise.
Watch the chart ever closely this week and next etc.
John Paquet
Also, if that oil has that kind of threat U.S. Treasury Bond would respond accordingly as well, in fact,it did not despite weakening dollar these days etc...
John Paquet |
