The Peter Schiff Show.

Markets had a very strong day today, although I guess strong is a relative word now.

I mean, the Dow was up 469 points, about 2.25%.

I mean, during normal times, that would be considered a big update.

But I mean, it's just another Thursday, a given what's been going on.

But what really led the market higher was the big move up in oil prices.

Oil was up almost $5 barrel today.

It's about a 25% move, which I think is the single biggest percentage gain that we've

ever had in the oil market any one day.

And so the oil stocks led the way higher.

We've been seeing some strength in the oil stocks even before this big move, particularly

the better capitalized names that ultimately stand to benefit from all the bankruptcies

that are going to be fall so much of the American oil industry.

But that was really a big catalyst.

I think it started earlier this morning.

I was reading a story about the Chinese now saying that they're going to be buying oil,

right?

They're going to be filling up their reserves with oil, which seems like a smart move

for the Chinese to make up for all.

They got to get rid of their treasuries.

I think the whole world is exiting the treasury market.

That's why the Federal Reserve is buying so many of them.

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