Quote:
Originally Posted by Enoch Root
I have always hated 'short covering' as an excuse to explain market activity. So lazy. It is true only a tiny fraction of the times it is sited.
Oil has been rising steadily for 3 weeks, after putting in a pretty emphatic double bottom.
There may still be a few stubborn people covering shorts out there, but to suggest they are what's moving the market? No.
|
I agree. The fundamentals might not be strong enough for $80 oil, but they're not as terrible as people make it out to be.
Nice to see the Canadian dollar hold too.