Oil is threatening to break below $80 once again in the after hour session. Things will get fast to the downside if $80 fails here, which won’t bode well for the overall market.
Near the end of the day we added some downside protection inside 12631, on this simple notion that oil can not catch a bid.
The market will follow oil and crude is on a slippery slope here (no knight). Have a gander at the 30 minute chart of crude:
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RC, as I commented in Chess’s post, I am a strong believer the oil will be our GPS in market movements, probably through this quarters earnings season.
P.S. how do you like the Tigers’ chances against the Rebels in Death Valley at night? I’m calling for an upset.
I do like the tigers chances here.