The Energy Report for Monday
By Phil Flynn
23 March 2009 @ 09:56 am EDT
The bulls are back in the fast lane. I'm getting my horns out of the closet! It is nice to be back with my bullish friends that I abandoned for most of this year. Of course it took some of the most dramatic global economic stimulus the world has ever known to win me back and it is not even the expectation of demand that has sold me. It is Fed Chairman Ben Bernanke and that magical printing press of his. He has taken extra ordinary action to lift oil out if it rather ordinary demand slump. The Fed is using a massive air pump to re-inflate the deflated energy complex. That does not mean that energies will go straight up! Oh contraire! We should see a big drop before we pop, yet the Fed for all intents and purposes has printed a bottom for the complex.