Oil is trading lower once again, down another 4%, with USO, XLE, & OIH being some of the worst performers this morning. Gold on the other hand continues to charge higher as well as bonds via $TLT. Can we say deflation?
Here are some other leading industries this morning:
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The russell just took out the low of the day and the bull case is grim. I have yet to capitulate on my oil trade, but must admit I am close. Here’s a 30 min look at crude:
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If oil can’t sustain a bounce here, you might as well kiss everything goodbye– as well as sharpen your short skills, because we will be going lower, much lower. As for things holding up in this tape, here is a look at this morning’s runner screen: CLICK HERE
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$30 … it’s going so low just like your steps!
I’ve put the fitbit back on. It’s on Marc.
Look my comment caught a little fish!
might be a nice place to add to UWTI. looks like there is a short term floor in crude
possible, but I need to see some strength first.
Why not add UWTI here and sell on a rip? Oil traders are making money up and down.
This reminds me of gold after it hit 1900. Traders made money while leaving the gold bugs holding the bag.
you would really add to UWTI here? price action has been UGLY since friday
Believe me, the oil traders sitting, (actually standing) in the boiler rooms in Houston are making money, up 13% one day, down 13% the next.
until it dumps…
I regret not buying RGR. that’s the second trade I hesitated on. Last year WFM sitting at 38 for months and I’m waiting for it to go down.