Its like the entire financial world is simply waiting for oil to make up its mind which way it is heading. Until then, just pull up a chair and watch. Indicators, for me anyway, were all pointing to a downturn, with this false move up, at least down to the last low, in a range. And if the the rest of the world continues to devalue, i.e. euro parity with dollar goal, pushing the dollar higher, oil has to go lower. (WELL, nothing "has to" make sense right now for me). IF XOP tries to break through the 11-26-14 gap down levels, and succeeds or fails, then i think we have direction finally, at least something to trade on, and it drags the SPY with it (either way).
the irony is that base currency for Crude oIl is in USD
and if the channel holds true (including false break up), we could see oil rocket and dollar plunge? perhaps