If you look at the hourly chart last week ran up oil hit $32.80. I think it needs to move beyond that and hold. AND API inventory reports come out today. I just don't think oil traders will hold through that report which is sure to have Iran numbers in it. I'm all for an oil run when I think it's ready, but this is a big head fake to move the channel back and forth and pump the equity market. If you bought the U and are trading the channel, great move.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.