Wait for the bottom, its coming. I think well get close to 100 pretty soon and might see a decent rally then. I wouldnt short the way down. Too much event risk, Im long oil only.
Crude market took out the lows and came back into the range . . . lower volumes, lower activity on NYMEX, hunting for stops after the inventory numbers, etc. Wouldn't take much to get it back into positive territory today. Would love to see yet another "flush" to the downside, but it might not happen. Elliott Waver's are seeing 5 waves down. If that is the case, you could see a move right back up to the $128 area in a heart-beat. Downside support levels (retracements) are 113.50 and 110.50 Nat-Gas would turn positive if it could trade above yesterday's highs at 8.955 Currently trading either side of unchanged at around 8.71 with an 8.80 high and 8.55 low Stay nimble. Don't get stubborn with anything.