Nov 12, 2004

Oil Enema?

The price action in the OSX is making me think the top in oil may have been prematurely pronounced. If that proves to be the case I am not sure it will be very well received by an extremely overbought tape. Top in oil corresponded pretty closely with the October bottom in stocks.

We had some more proof from AMG this morning that retail investors like this equity market. Good if you are a broker but probably less good if you own stocks. Retail investors generally have horrific timing. As I said yesterday, it certainly explains the momentum in the tape.

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