Wed Jan 28 2015
NYSe Daily Best Guess
The overall market continues to weaken as shown by the CCI at bottom.
the recent run up to Jan 26 has now rolled over.
It seems reasonable to extend this stair step progression to an important low expected in mid April.
The news in the WSJ today is uniformly negative.
As we have referred to Of Two Minds in our weekend updates, too many bets have been made on $100 oil. They are all coming home to roost now. And coupled with the strong dollar, multi nationals are getting beat up. And then there is weakness in Europe, Russia, and Chna, so demand is down.
And with world oil demand formerly at 89 MBPD and slipping with supply over 90 MBPD, and lots of oil in storage, how long will it take to work off this excess inventory? Until then oil prices say weak.