Tuesday, May 29, 2007

Crude was down almost 3% and the group acted decent (down 0.5%-1.0%) against that backdrop. It feels for lack of a better term that generalists want to buy the dip on these things as long as they don't imagine that the commodities are going to plummet unabated. 15-day moving averages still tenuously hold across most of the energy patch. Gasoline down a dime and June expires this week placing a strong driving season July in the front seat.

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