The rally in oil off recent support just above $56 bl. to a tad over
$61 sets the stage for an important January for both the economy and
the markets. $61 bl. is no threat, but if this yearend upmove in oil
is the precursor to a strong seasonal rally, it will force some rethinking.
It has been my view for several months that the behavoir of fuels in
this first month of the new year will be important in casting Fed policy
and in setting confidence levels for a decent portion of 2006.
HAPPY NEW YEAR TO ALL.
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