Crude Oil Update
posted Jun 10, 2006 at 07:49PM
Crude has shown excellent relative strength in what has been a very difficult "deflation scare" or "liquidity-crunch scare" global environment.
It still remains above its breakout point and the commercials did trim back even more on their net short position which I construe as being constructive.
Despite the break-out this may still be within the realm of a larger order running correction. It will take a close above $75 to start thinking impulse.