Crude oil prices had a tremendous opening as it gapped over $10 higher at the Sunday night opening. Its also interesting to note that as of this writing, oil prices have barely made any meaningful retracement. This price action suggests that the market sentiment for crude oil is strong and that we will likely continue to trend higher in the coming days. There is a strong target level at 2008 high of 150/barrel. In the meantime, price discover between the 125-150 range will be hard to identify fair value. We will be looking to the fib extension to provide us with short terms clues. We have a extension level 135 on crude oil so we will be keep an eye on that level throughout the week.