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A few Random Thoughts on the action in crude:
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A finski (a $5 bill) ain't what it used to be - a 10% move at the beginning of last year. Now it's barely 4%.
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While I've been bearish on crude through the lens of deflation -- and I continue to believe all roads lead there -- "pure trading eyes" sees the sideways action for the last month.
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United States Oil Fund (AMEX: USO) $104-$113 are the parameters to watch (filling of the gaps versus upside breakout). You can drive a truck through that, I know, but I don't make the rules, I just try to play by them.
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Hands over eyes, sideways movement under resistance is a bearish churn. The same movement above support is a bullish base.
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My current position? Flatter than a sat on hat. And I like it that way... For now.
R.P.
Position in USO
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