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11/20/09

Chart of the day is....

....oil January futures, daily candle.

I look at this chart, I see this pattern, then that pattern, then another pattern. It's all so very interesting but I didn't bother drawing in any of those lines that Tekkies so love because it's ultimately useless. Oil price is a function of the US dollar and there's no point putting the cart before the horse. However the main reflaction I got from this chart this morning was to remember all the inflation headline scares that surrounded crude oil back in the good ol' days...you remember 2007 and 2008 too? So why isn't U$80/bbl oil scaring us all this time? Have a think about it and see what you come up with.

OT: I note the combo of words 'Palin', 'Fox' and 'Misleading' in many news service headlines this morning. That makes a change.