And contrarianism wins again.
Not even two weeks ago, everything was breathless about this news:
And every single story was the same: crude oil was going to go to $100 per barrel. Thus, when the market opened that Sunday, oil had its biggest price gain in history.
And yet here we are. Not only did oil never get even in the same ZIP code as $100, it gave up 100% of its “post-attack” gains, even though the vast damage from the attack is quite obviously still very real.
Interestingly, even at its highest point, crude oil did nothing but tag its Fibonacci retracement line (virtually to the penny), and my view is that oil will simply grind its way back to the lower 40s, where the next lower line is located.
