As risk aversion eases, oil continues to make a run for the top of recent ranges. A sustained break of the $50 region would signal a hard-won bottom in the commodity and could signal to some that the worst of the global economic crisis is over.l Markets turn before the economy, so as skeptical as I am that the economy is ready to bottom any time soon, you can’t ignore the signals the markets are trying to send. If we get a synchronous move in the financial markets, who knows, it could become a self-fulfilling prophesy. My kids college account and my 401K sure hope so.
