Crude oil dropped a buck or so and equity bulls decided all our troubles are over. Meanwhile, we are right at channel S/R, so the jury is still out. QM/CL (October crude) still has a gap to fill at 67.25, but the picture remains bullish, so don't count oil out quite yet. Any strong economic news will have the perverse effect of driving oil up above 70 and clobbering equities. Reverse holds true, of course. ISM due tomorrow.
click on chart for full size
click on chart for full size
This entry was posted
on Wednesday, August 31, 2005 at 4:28 PM.
