Oil Shorts Carried Out on Stretchers

Oil - mean reversion mania

On Sep 11 we outlined our logic on oil in our note "Hated Oil: Primed for a Short Squeeze?" Fast forward to today and oil is trading at the highest levels since the big down candle in early September. Note we are back inside the big range. The 200 day remains way higher, and oil has tended to revert to it, from both ways.