The $1 fall and rebound in crude oil is the definition of a whipsaw.
Prices tanked down to a session low of $47.73 but just as quickly rebounded to $48.87. The rebound is an early sign that someone is willing to step in and buy oil. Whether that’s eventually overwhelmed by hedgers remains to be seen.
In the same move, Brent held yesterday’s low, which could be a tentative sign of a bottom.
Brent bouncing off the bottom
The S&P 500 has also rallied to a fresh high at 2063, up a whopping 37 points.
