If Oil Slips Buy More

Oil gained ground Wednesday as we suggested it would on the delayed impact of the oil sands fires in Canada. Still, oil's gains, however rich, were held back by weakness in equities and more concern about the consumer and the economy. Moving forward Thursday, as investors anticipate Friday morning's Retail Sales Report, oil could slip back from its highs marked Wednesday. If it does, buying it on weakness could prove opportune. I'm anticipating a decent April retail sales data point, or at least one that is not as bad as the market will probably price in ahead of it. Furthermore, next week's oil inventory data should be at least as bullish as this past week's data. If I'm wrong by a day and Friday's retail sales data is not supportive, then Friday provides an even better entry point toward next week's recovery. I'm looking for oil to mark new year-to-date highs by this time next week. See the whole story at If Oil Slips Thursday Buy It.

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