Wow, what a day. Big moves in Crude, more Silver downside, Bonds grind higher and the Dixie pops too. Still think we’re going to pop back up on the Emini but today wasn’t the day.
The video shows the Crude move in a little more detail – although we did get an “End of Trend” signal on the daily chart last week – it didn’t come with Professional up bars into the highs above $110. And yet today shows Professional accumulating. My best guess is don’t believe the “commodity carnage” headlines as the Pros will use this weakness to load up some more. Personally I subscribe to the Peak Oil thesis and think long term Oil is like Gold was in 2000.