Oil Bull Market Begins As Media Remains Pessimistic
Never listen to the news or professors. They spew myths as truth.
On February 16th, I posted about how oil was set to rally. Price struggled, testing recent lows, only to rally the last few days. The bull market in oil is underway:
Don’t Listen to the News Media
In the weekend Wall Street Journal, news about oil was grim: Oil Sputters as Traders Weigh Bank Fears. I’ll spare you the details, but this article was pretty pessimistic on oil.
So what happened over the weekend (after the article was printed)? OPEC announced oil cuts, driving the price up over 6% today.
Don’t Listen to Your Professors
Finance and economics professors at universities are full of shit. They tell you certain things they believe to be the truth, without ever testing it themselves.
The efficient market hypothesis is a joke. And the rational actor theory is laughable.
What I’m trying to say is that technicals forecast fundamentals and news. YES, you can time the market…
Read this article to see the BULLISH TECHNICALs on oil
Notice how all the news is NEGATIVE (see WSJ link above)
But then, something happens, that confirms the technicals (OPEC cut).
This isn’t a coincidence: Markets manifest price movement.
What more evidence do you need?