Charting Light Sweet Crude and The Coming War

I thought with the recent surge in stock prices why not take a look at the correlated move in oil moving over $103? I guess the threat of war is a catalyst across all sectors. You know, one tide raises all ships kind of thing. Maybe the world's debt and credit issues worsening are the reasons for the market's advance today (that is a topic for another post).

I would not be doing this if oil was not at a technical point that did not matter (more on this below). I'm pretty sure none of this matters with the Iran situation following the Libya disruption, but you need to see what's happening in the charts.

Adding to the "why do this post when technically nothing matters" theme, I believe that oil has become one of the most manipulated commodities on the planet making millions for the likes of JPM, GS and the oil conglomerates. Bottom line is (thinking realistically and with some sort of common sense) it makes no sense with the global economic slowdown and consumption that oil is priced anywhere near these levels. Peak oil fears? That is an argument for another post.