There is also one more source of support for the God forsaken CL. Back then at 140 you did not know in advance that CL would go down those 100 pts. You had to make a directional bet (power to those who did). Whereas here we have a divergence in the price of two nearly identical things that can be held until convergence to zero with high probability (which in next month borders on certainty). No guesswork required, just patience of an arbitrage trader. Reason will eventually prevail (unless we use too much leverage and get shaken out prematurely).
Once I got out of the short, I didn't exactly hope for a quick reversal but this is taking too damn long. Also it looks pretty ugly at the moment. It still remains to be seen, but I wouldn't be surprised if we go down some more. (Anyone have the downside target? 81-ish, did ya say? :eek: )