WTI Crude (CL) had a wild day. Saudi's made an announcement of another 1 M BBL/Day cut-back in production beginning in June. CL immediately spiked $1, retraced and then went up $1.50 to highs of $25.58. It declined the rest of the session until 1:30 pm when there was a rebound. Close of mid $24's. Expect continued volatility as we approach June contract settlement on May 19th.
That's the hardest trade... up we go. Via the staircase. The correction will be via... not the elevator this time.... this time it'll be a window with a view. Oh.... and as I have said.... the VeeZee top.... aside from a few short lived spikes, will most certainly be the # to beat for at least 3 years. There is no doubt. Case closed.