Oil in Recovery Bounce

Once again we have oil prices (+$1.40) climbing sharply along with equities, which purely is a function of market liquidity -- that is, the re-entry of market liquidity. Central Bank infusion has alleviated the immediate real or psychological need to jettison commodities to raise cash. From a technical perspective, oil and the US Oil Trust (AMEX: USO) were overdue for a recovery rally into the Thurs-Fri lows around $54 (basis the USO). This recovery bounce should pop to 55.00-56.00 prior to needing a rest.

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