For many weeks now, all eyes have been on the big meeting in Doha coming up this Sunday. Judging from oil’s tremendous recovery (now threatening even Gartman’s life, who pledged it would never reach $44 again in his lifetime), it seems a foregone conclusion that the cartel will all shake hands and oil producers will collectively turn off the spigot. If they do, that green tint will be breached and oil’s new bull market will accelerate. If not, it’ll be the biggest “Sell the News” event so far this year……….
Of course, given the horrible disappointment of the breakout we had yesterday (and I mean horrible as in “I’m sick of trading and am going to quit and become a farmer now” horrible), it seems distastefully likely that the equity breakout, represented by the ES below, is legit.
