FX:USOIL Crude Oil (WTI)
A la Sandy Weill: while the music is playing, you gotta keep dancing the short oil jig. As I first pointed out on 1/12, , since this summer, intraday reversals in oil have been anecdotally rare. Now we've seen them occur for six of the last seven trading days. Once the NYMEX pits open, literally no marginal buyer exists. Wednesday morning we broke through the 28.25 . Until we start to see some buyers stepping in, and we see intraday reversals to the downside fail and buying support throughout the day, I think you're safe continuing to short down to the next major at 25.