hittkts
Short

THINK RED

FX:USOIL   Crude Oil (WTI)
311 3 11
DONT BE FOOLISH
SUPPLY > DEMAND
MARKET TOPPED
SEASONAL WEAKNESS
REFINERY MAINTENANCE
NO OPEC DEAL
RECORD INVENTORY
RIGS INCREASING
GOODNIGHT OIL             . SLEEP TIGHT.
Comment: Todays move was a dream come true for the bears.
Rip up and total collapse.
Big rally in the dollar.
Hawkish Fed.
Increasing US production.
Falling Chinese Demand.
Most importantly the 50 day has broken below the 100 day. The last time this happened we were in the midst of a $23 collapse, which this time brings us right to our target.
Next week it starts.
IF YOU DO NOT WANT TO SHORT FINE. BUT DO NOT GET LONG.
THIS IS NOT THE TIME.
Comment: Aggressively short here
I agree. We have more oil, gas, and distallites in storage now than we did at this time last year. Once the US dollar starts heading back up again (which is soon), oil will be getting a beat down. Oh, by the way, all this talk of a production freeze is a complete farce. A freeze at record production will do absolutly nothing but drive inventory up further. We need a production cut to raise prices and that will never happen.
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Long gold?
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continuation from Friday's reversal is exactly what we wanted to see. if you want to be cautious here sell after we close under 4650, most likely tomorrow.
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