None of the numbers that I collect are shouting sell. The RSI for the SPX is now above 71 so I am cautious. Add to that, the 4 in-a-row under .5 readings for the NYSE Arms and it might be time to catch our breath. I have already started planning for the earnings that will start in April.
On the fundamental side, we imported about 60% of our oil needs some years ago. In 2010, the EIA reports that we imported 49% of our oil. It may be lower now. I couldn't believe it until I checked the EIA site myself. In short, North America has a glut of oil and natural gas. Canada is/wants to export oil and we want/are exporting natural gas. If we could send pragmatists and not politicians to Washington, we might be self-sufficient in a matter of years. Even now, some of our businesses are finding ways to reduce our need for imported oil. Natural gas light trucks are on the horizon from American car builders. CLNE is building a line of natural gas filling stations along the interstates for interstate haulers. Eventually they will be open to 4-wheelers. At least one utility is building natural gas filling stations for local businesses.
Think of the possibilities. In the long run, maybe Don W's 30,000 INDU is closer than anyone thinks. Maybe a 4,500 SPX is too. |
