07Mar3:35 pmEST

That Oil Ain't Gonna Move Itself

As crude chugs on higher and U.S. officials are sweet talking the likes of Venezuela and the Saudis for more oil, we know that the oil cannot move itself. Indeed, as we noted last week the likes of DSX GNK FRO are all nicely higher today, with a special shout-out the oil tankers like FRO. 

On that note, Teekay, below on its daily chart, is another oil tanker and may be next to move. Watch for a move over $3.40 which sticks, up and out of the coiled base. 

Overall, even if the price of oil cools off a bit near-term I could still envision a scenario where tankers rally anyway given the surge in demand and even panic by the U.S. government. 

Regarding the broad market, we have a trend day lower on the indices without much in the way genuine fear or panic yet. This is not a good bullish setup, to my eye. More in my recap for Members after the bell. 

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