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OilSlick News

Wholesale Inventories for May rose by -0.8% and right inline with expectations. Sales were up +1.6% and unchanged from the 1.6% increase in April. The inventory to sales ratio fell to 1.08 and an all time low.


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Another bullish indicator is the solid bottom on the Dow at 11200. This had all the appearances of just another stop on the elevator down last week but after six days of failing to give into the selling it is starting to look like a short-term bottom. I say short-term because we don't know what the earnings picture holds and there is still a lot of sunshine left in the summer.

Special Report
The $9 drop in crude prices was widely credited with stimulating the rebound in the equity markets. Oil was hit by multiple news events but nothing earthshaking. Iran indicated a willingness to negotiate on the last package offered to them as an inducement to stop their nuclear program.

T. Boone Pickens was on CNBC this morning and taking the opportunity to publicize his commercial that will run on TV over the next several months. He claims neither presidential candidate has a grip on the severity of the energy crisis facing the U.S. and he wants to stimulate that discussion. He is promoting wind power and cars fueled by natural gas. He is spending $10 million of his own money to run the commercial on the major TV networks.

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