IHS all over the dailys & monthlys...freight train setups that have us sitting right on necklines like a peruvian necktie for those looking to put on their shorts.
I guess Jesus is really coming back May 21st. http://www.msnbc.msn.com/id/40885541/ns/us_news-life/ His return probably won't be good for asset markets.
First if I could offer a suggestion, trade the full crude contract not the QM. The liquidity in the QM contract is pathetic. I don't know anyone anymore that trades it since the margins are the same. Risk reward is so much better in the CL. Yes, technically that is called the potential of a top forming. The key word there is potential. In the CL, if 114.05 isn't taken out we could see a fall to 105.31, 102.70 or 96.22 in the near term. That being said, I'm long @ 107.00 (June Contract) since the morning of the 14th with a current trailing profit stop at 111.00.