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Wednesday, May 07, 2008 11:04:54 AM
According to the Department of Energy, crude stockpiles for the week ended May 3 rose by 5.7 million barrels. The consensus forecast called for an inventory increase of 1.6 million barrels.
Yet, Crude is still moving on up despite the dollar firming today, up .85%. I shouldn't have gotten into DCR (2x inverse crude) yesterday and picked DZZ (2x inverse gold instead). It looks like they really want to take Crude up to $130.
edit- Slimjim, which as scamman always says, it breaks in favor of the trend which is up.
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