SPDR S&P 500 (SPY): Oil prices rise US$1, easing back from t...

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Re: Footquarters post# 10943

Wednesday, 03/28/2007 9:35:41 AM

Wednesday, March 28, 2007 9:35:41 AM

Oil prices rise US$1, easing back from their spike on Iran attack rumor
The Associated Press
Published: March 28, 2007

Oil prices rose by more than US$1 a barrel Wednesday but were still below an earlier spike of more than US$5 a barrel on rumors that Iran had fired a missile at a U.S. ship in the Persian Gulf.

The U.S. military denied the reports. Still, rumors about a military confrontation spurred panic buying in after-hours trading Tuesday, sending oil prices above US$68 in a matter of minutes. Rising tensions between Iran and the West have created a potentially dangerous situation in the Gulf and markets are jumpy.

On the other hand: "Upside breakout from inverse head and ashoulders chart formation suggests potential upside projection to $70 over next several weeks."

http://www.lbrgroup.com/pics/charts/seen/1175156513.png

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