Oil Rally Continues While The PMs Wait For A Bounce
Chris Vermuelen from The Technical Traders joins me to look at the oil and PM markets. Oil continues to scream higher and the charts are pointing toward even higher levels. There is also the possibility of money rotating back into oil stocks which could help the Dow. We also touch on the PM markets and a wait for the bounce.
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Given all the shares of Shell, XOM, CVX,SU, IMO, and DVN I own, I would love to see $100 or $150 oil again. What has me worried is what will happen to AG, EXK, GORO,,USAA, PAAS, etc. if the communist Obrador wins the election in Mexico on Sunday. It may be the last free election in Mexico in my life. THis guy oves Fidel and Chavez. Should we sell our Mexican mines before this weekend?
Bonzo, your guess about the commie is probably every bit as good as mine but I am not going to sell anything based on his coming win.
Even if he does ultimately prove to be as bad as we might fear, I doubt very much that there will be any big changes very soon.
Only one question: How many of the world’s economies can handle $85 oil?