Oil U.S. Light Crude Futures ($59.45)

In a recent Comment on Oil, I said that we were hanging on by our teeth in the $60 area. We continue to do so, and I simply want to point out that among the categories I follow, Oil is about the only one that might be in a short term base-building phase at the moment.

I recognize that it might be a bit early to make positive comments on Oil. This is just a heads up. I'm watching it carefully.