Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Oil Acts Exhausted on the Downside, as the Market Starts to Embrace the Potential for Output Cuts


In the aftermath of this morning's EIA data, which showed a larger than expected build in Oil and Gasoline, prices shrugged off the negativity-- largely because last evening's API-data, oversupply shocker primed the pump, so to speak.

After the EIA release, Oil climbed from $30.80 to $31.75 prior to receding to the $31.25 area as we speak.

After two data releases indicating a still huge and growing excess supply problem, it is a bit remarkable that Oil remains north of $30.00, but also suggestive of downside exhaustion in a grossly oversold market in need of more recovery rally.

That said, Oil must hurdle and sustain above $32.20/40 to get some upside traction towards $34.00 - $35.00.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!