Just like I sad (Ivan!!). Oil broke, and equities are running. And oil broke on a bullish inventory report. BSDs are selling oil on the bullish news.
Some say it is skill. But it was luck. On a serious note, I do think the reason oil is selling off is because the supposed bullish inventory report really wasn't - Bloomberg is reporting the drop in inventories is because of delays in unloading gulf ship crude. So, either way, it's ultimately very bearish for CL. I'm very relieved to see crude oil breaking down. This is exactly what the equity markets needed.
I do like oil settling down after a very bullish report, however Im not buying it that the oil drop will continue, we got that surprise jump in oil yesterday morning, I believe this could happen again, I think oil could make another run to new highs where I would be placing even more shorts. The market is now trading the opposite of oil, which is finally a good thing. Even though the markets running higher today I added on some new inverse positions.