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)