I'm fairly certain we're seeing an intermediate term top in oil here. I'm short, via a 3% long position in SCO. (I'm also long USDCAD, USDMXN, USDNOK) I'm open to going long again, but I think we'll see profit taking a rapid decline next.
@RJHumphries, posted an update. It's a very difficult period, nothing's making sense and correlations aren't working logically anymore. Oil does have some inherent risks up here, mainly OPEC related, but it could still grind and chop sideways instead of trending up or down with any conviction.
RobbyWestHouston
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We should see below 50 on this move...before turning up... my view on oil