In this case optimism is code for oil priced higher per barrel, touching $72.
We would be pleased to see the real and final bottom to the recession. Later this week more clues to this elusive, solid, and lowly plateau will come forward with new data on consumer spending and jobs.
Reuters: Nikkei climbs 2 percent, oil boosts resource shares
"It may be overly optimistic, but I think the market mood is changing, that the economic data that both the United States and Japan are waiting for later this week will confirm that their economies have bottomed out..."
1 comment:
OIL can only go so high without pinching off any recovery. It will push to that line and then collapse as it did last yr. I'd look for an August collapse as the price of gas pushes near $3 a gal and above again. Time to get rid of the old cars. If Obama's clunker subsidy passes I might.
Post a Comment