Every now and then we see something that for one reason or another marks the bottom of a market, or is reflective of a buying opportunity. Today we saw something that may have indicated a market bottom. The CNBC channel, an American station, was in Calgary commenting on the price of oil. When a US station visits a Canadian city like Calgary (the city of oil), it might mark the bottom of the oil trade. Reference price of $45 when the first pictures of Calgary hit the TV.
Midday something changed in today’s market and oil (NYMEX WTI Crude – source Bloomberg) started to rally and finished the day up $2.50. It reminds us that sometimes when the noise is the loudest, the greatest opportunities emerge.