NYMEX:CL1! Light Crude Oil Futures
Oil has not seen this kind of sharp decline since 2008 when oil plummeted from its' all time highs to less then 35 a barrel . With the dollar continuing its' historical run up, there does not appear to be an end in site for this decline in oil . I would not even think about going long oil until we see a solid 2-3 months worth of consolidation to form some kind of base for oil to rebound from. Bears are in full control right now, just be patient as oil will eventually present itself with an incredible buying opportunity, but that time is not now.