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Today, it’s all about oil — which reached our next upside price target yesterday. I know, I know. Most investors are focused on how the ECB and German government will bail out Deutsche, or what Evans and Lacker might have to say, or even the NY ISM data. And, I’d be shocked if oil even makes any headlines, today.
Still, it’s the most important chart I’m watching at the moment. As I noted in yesterday’s Update on Oil, whether or not it breaks out or reverses at this point will determine not only where stocks go for the next few months, but whether or not the economy is able to muddle through.
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