Spot Nymex crude oil closed above $75 for the first time in a month. Of course, the difference between these two milestones was… a month ago the market was entrenched in a violent sell-off, today we are in the midst of the rebound from that weakness.
What’s so special about $75? This dollar amount, plus another $1,500, might get you a decent seat at Yankee Stadium to watch the Yanks play Cleveland. Outsight of that, $75 means absolutely nothing. In other words, getting the market back up to this point has been the easy part.