Torpedoed

By -

Yesterday morning, in my Oil Roiled post, I wrote:

I suspect the next level of support for crude will be around $50, both because this is the next Fibonacci retracement level but also becomes humans are weirdly hung-up on Big Round Numbers.

Let’s check in with an updated crude oil chart, with my “around $50” level tinted:

I think we can collectively agree this is at least a “Hey, not bad!” As for what caused the spike (and, oddly, a big reversal to the upside for equities):

Do NOT follow this link or you will be banned from the site!