Black Gold

I see Crude has just penetrated the 75 dollar level, now I don't expect Oil to rise infinitely. But no one can deny the wall of money out there which has driven asset prices higher and lifted commodity prices by ~ 4%. At the moment I am bearish below 76.2 and the initial move above 75 this morning didn't trigger any stop loss buying, meaning most traders still have faith in the 200 wk MA (75.4). But if the USD continues it's sell off and the top of the trading range gets broken (76.2), well then as a rational investor is my duty to turn and join the wave up. Lets not forget GS q4 forecast of USD 85...The inventory data on thursday should provide more insight on the next few moves

Oil

It greases the wheels of capitalism and the world. So here is my opinion on those looking to trade oil. I see an important level of resistance around 75.4 bucks, which also happens to be the 200 day MA. Personally I believe this will hold and could be a good entry for quick shorts. Though beware a break of 76.2 and the 200 day MA level will be invalidated and it will be time to start playing Oil on the long side towards GS 09 year end estimate