If I had written this post a few minutes earlier, I would have said that oil was breaking down further, below the $129 level. But then a report on crude inventories hit the wires and showed a big drawdown in supply. This caused an immediate sharp spike higher in oil, such that prices are now north of $131 again.This also caused a brief hit in the overall indexes, which were starting to bounce higher. Q1 GDP was revised higher this morning, up to +0.9% from +0.6% originally. While this growth is still sluggish, it is getting further away from the recessionary fe[...]
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[Source: The Money Blogs]
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