Monday, August 30, 2010

Morning Yuk

Crude Oil May Rise After Failing to Drop Below Support Level, Survey Shows

This came out Fri. after the close , and yes I know I've used it before but it's hard to resist...

"Crude oil may rise next week after failing to break through a technical support level, a Bloomberg News survey showed. Twenty of 49 analysts, or 41 percent, forecast crude oil will increase through Sept. 3. Seventeen respondents, or 35 percent, predicted that futures will be little changed, and 12 projected a decline. Last week, 39 percent of analysts forecast a drop."

So... 47% predict unchanged to lower?

and the best part...
The oil survey has correctly predicted the direction of futures 48 percent of the time since its start in April 2004.

All ya need is a slight edge.

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