Friday, January 06, 2006

Crude Oil

Here is an hourly chart of February crude oil futures showing pit and electronic trading.

Yesterday I thought that the market had made a lower top and would not "take a peek above 64.00" as I had been expecting. In fact the market did take a peek above 64.00 this morning but I believe this is the last gasp of the current rally. I am now looking for a drop to 56.50.

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