Thursday, February 2, 2012

Crude Oil Continues Weakness

15 min CL
The bat revealed itself in the CL chart and the price never looked back... we had a bounce in CL yesterday though it failed to move over the top of the bat's head of 98.60..  CL under 95.50 could send us down to 94.64..Remember the index's are still near their yearly highs euro still over 1.31 and bonds are still rather bid.. what will give first?

Is CL foreshadowing a large down move in equities or has CL again overshot on the downside and will bounce right back up into 100 level by friday? We shall see, perhaps bonds and CL are correct and equities are off on cloud 9.