by DantesPeak » Tue 16 Jan 2007, 22:29:43
Reports from both the EIA and IEA are due Thursday (US time). They could swing the market big either way, although I think much more likely up.
Might be worth waiting until after 10:30 AM Thursday, NY time, to see which way the wind will be blowing.
If world and/or US inventories come in lower than expected, a sustainable rally might get going. In any case, the extreme technical oversold condition won't last too many more days.
It's already over, now it's just a matter of adjusting.