Crude down slightly (.19) overnight. Crude has been surprisingly strong since it's breakdown Tuesday afternoon. It is only down about $ 1 bbl since we gave up on our long position and outperformed both the stock indices and gold during today's trading.
The crude chart is showing signs of bottoming so if crude continues to outperform or if stock markets turn higher we may chance another small long position with an objective of 79. Offshore inventory builds are too large to make a seriously bullish call on crude but a small trade is possible if other markets become more favorable.
Crude outperformed strongly today in light of the weakness in equities and the strong dollar. The dollar has been up solidly for about a week now and looks very strong.
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