This is incredible. It's clear by all economic measures that oil shouldn't be this high, yet the speculators haven't given up. They even added 6% in net long derivatives last week just to keep it level.
I can't tell if they're buying to stay alive or so deluded about the oil fundamentals.
Dow Transports collapsing. Significant because transportation is the first to go when the economy starts to break down, for obvious reasons.
Next to go is the rest of the market. If oil doesn't hit $30 soon, it will cause a recession. Don't see much holding it up then.
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