"Oil lead the no volume “reflation”/squeeze last week, with WTI up +5.7% week-over-week," Hedgeye CEO Keith McCullough wrote earlier today in a note to subscribers. "It is straight back down -3.5% today after tapping the top-end of our immediate-term $34.97-38.33 risk range (MLPs were +14.4% last wk, but still -32% YTD)."
