Thursday, January 04, 2007

Crude Oil

Here are hourly charts of February crude oil futures and USO, the crude oil ETF. Above these you will see a daily chart of the Oil Service HOLDRS exchange traded fund. I last commented on these markets here.

The charts pretty much speak for themselves. I think these markets have reached support and will now stage a brief, countertrend rally. After this rally the longer term decline should resume.

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