Jeffrey Saut Says Oil May Have Bottomed

By on February 3, 2015

Jeffrey Saut - Raymond JamesJeffrey Saut, chief investment strategist of Raymond James Financial, was interviewed on CNBC yesterday. Saut said he sees the makings of a bottom in crude oil. Citing work by his firm’s energy team, Saut said metrics including M&A activity and prices coming down on the March futures contract, which technical analysts would refer to as an undercut low below the previous reaction low, followed by the positive action on Friday, “that is how bottoms are made.”

Regarding where he would invest to profit from a subsequent rebound, Saut indicated a broad-based energy ETF such as Energy Select Sector SPDR ETF (XLE) would be a good choice.

A year ago, Jeff Saut predicted the S&P 500 would be up 13% for 2014, which was about as close to the mark as you could get [link].

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