I was just talking to Barry yesterday about how quickly oil could erase 5 to 10 bucks on news of Gaddafi fleeing the country, surrendering or eating a bullet. Supposedly, he’s offering “talks” to the rebels. Oil is pulling back and stock futures are indicating higher after a rough few days.
The rebels are already saying “no thanks” and “just GTFO” according to Reuters but stocks are probably due for some relief.
With copper down 3% yesterday (not a great sign for equities) and my unending skepticism about whether Libya can be pacified so easily, my inclination would usually be to fade bounces like this. But we shall see.