Crude Oil Breaking Out

By -

Good morning, everyone.

Well, it's pretty obvious the world is on the edge of its seat waiting for Bernanke to do what he does best – drop hints about QE3. I confess to being a little puzzled why the good people of Earth feel that QE3 is going to be offered up to them on a silver-plated platter. The stock market is near multi-year highs; interest rates are at multi-century lows. Umm, what crisis, exactly, would bond buying be coming to rescue us from?

Anyway, crude oil has been firming up into a nice basing pattern and looks ready to make a run.