Oil Intervention

Yesterday the oil market was supposed to be all about oil inventories and about the Fed and so it was. But something significant happened yesterday that not a lot of people are talking about, yet it is a significant new wrinkle in this global macroeconomic game that we are playing. The dollar was weak and it was clear to the market place that the Fed was going to insure us that rates were going to be on hold for the foreseeable future. The Federal Reserve did not announce plans to print more