You can stand and argue it's not, but there's been no fundamental support to a $10 spike since Tuesday. Sorry, but that's speculation.
this would be a good time for Bush-II to show his leadership.... since it seems anyone complaining about the economic impact and destruction of life as most Americans know it, due to the unfettered rise in the price of oil, and how it is causing people on the ground to rethink everything about their ways of life, whether being a soccer mom and taking a trip to the grocery all the way to whether or not the police / fire trucks will roll on emergencies.... since anyone complaining of pointing out the negetive deliterious effects is being smeared with some socialist, communist name calling by those in support of these conditions, then, a simple solution would be for Geo Bush II to show his commanding, authoritative leadership and get out in front of this "thing" hey, after all, isn't he an Oil Man? hey, after all, isn't this what these last 8 years were all about anyway? hey, after all, with stocks going up, oil going up, with stocks going down, oil going up, hey, after all, isn't this what the Texas Delegation has wanted all along?
I agree, pure spec and major short squeeze with the funds. BTW, stop at BE on that short now. Sketchy to begin with.
C'mon people, don't be afraid now. Even while MS reiterates their $150 target, another piece out saying every past US recession has seen demand destruction greater than even high Chinese demand assumptions. I'd reset my shorts.
Anyone sneezes about anything even remotely bullish on crude and it shoots up $8! Sickest bull market in the 2000s. I don't see shorts throwing in the towel until we have BACK to BACK limit up days. That would be almost $150 if we limit up today.