The Energy Report for Wednesday, July 8, 2009

By Phil Flynn
08 July 2009 @ 09:26 am EDT

Get me some stimulus and get it fast. Oil goes on a bear blitz as support continues to break down. The market seems to have lost all hope that an economic recovery is just around the corner. The mood change is significant especially in a market that was willing to overlook some weak economic data but has not been able to shake off last week's poor consumer confidence and horrendous jobs number. Add to that light summertime volume and now the market is looking for some reason, any reason to believe. Technically the market on the daily chart looks like it has confirmed a major top.

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