We have a classic contrarian setup in oil right now...
The price of oil has fallen 28% in just the past six weeks and is
testing the $42-per-barrel low it hit back in March. Lots of analysts
are looking for oil to fall even further over the next few months. And
many of the financial television talking heads are looking for the price
to dip into the $30s.
Oil has fallen so far, so fast... hardly anyone has anything
bullish to say about it. Virtually everyone is rushing over to the
"short" side of the boat.
But in the short term, I'm looking for a bounce. Here's why...(more)
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