Posted: Thursday, December 18, 2014 10:16 AM ET
By: Julian Close
After the open… $57 per barrel sounds pretty cheap, but after yesterday's flash crash down to $53.25, it was enough to make traders breathe a big sigh of relief this morning. There is some fear and uncertainty over the fallout from under $60 oil, but not nearly as much as there is fear of what might happen if the price were to fall to $50 or even, as some have suggested, $40.
Add to oil's apparent bottom the reassuring words from Janet Yellen yesterday afternoon and you have the formula for a powerful rally, which is what we are... Read More