FOOT ON NECK SYNDROME
The manner in which oil sliced through the significant amount of overheard resistance like a hot knife through butter is a direct result of the surprising pace with which this move has come. You can be assured that a majority of those who either *HAD* to get long or cover their shorts, were waiting until some of yesterday's gap was retraced. Once they saw that it wasn't happening, everyone piled in...and here we are...above resistance...a picture perfect, clean break.
Next major target/brick wall $42 on the USO. I'll be going over the chart tonight.
It seems we're at the beginnings of a new leg up in the oil markets. Got your Prius?
