Oil Completes Turn-around!

Yes, It is an irrefutable fact that oil has completely broken its intermediate bear trend and have completed a turn around amidst speculation that OPEC could decide to keep production steady as oil price has corrected without any production cut. Surprisingly, the Dow held up against the turned around oil price and a huge bunch of other bad economic news including lousier leading indicators pointing to a flat economy going forward. Even though the Dow held up, closing up a mere 12.78 points, it did so on extremely light volume, suggesting wide spread uncertainty as investors sit on the sidelines. Therefore, on the fundamental front, there seemed little reason for the market to go into a rally as investors continue to run into safe haven investments such as gold. In fact, gold price staged the biggest single day rally in a long long time. On the technical front, the Dow continues to crawl along the bottom of its short term bull trend, displaying some signs of weakness.