Crude oil tops today or tomorrow. A break of USO below 36.16 or above 36.42 will get me short 1% DTO, double-short crude. Crude's forward sentiment gauge (it's I1) peaks today or tomorrow:
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Wednesday, October 6, 2010
10/6 2:30
Stopped out of Euro at 138.86 while I was gone. The dollar will bottom at the same time as the stock market tops. With I1 topping as early as tomorrow I'll look again to short euro then. I sold 2.5% UUP at 22.46 bringing me down to 5%.
Crude oil tops today or tomorrow. A break of USO below 36.16 or above 36.42 will get me short 1% DTO, double-short crude. Crude's forward sentiment gauge (it's I1) peaks today or tomorrow:
.bmp)
It's long trend sentiment gauge has already peaked and is in decline. This measure does not catch tops or bottoms with precision but does indicate the underlying sentiment rather well. Crude is currently a reflation football being kicked upward by hedge funds but underneath it's sentiment is deteriorating.
.bmp)
Crude oil tops today or tomorrow. A break of USO below 36.16 or above 36.42 will get me short 1% DTO, double-short crude. Crude's forward sentiment gauge (it's I1) peaks today or tomorrow:
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Charles,
ReplyDeleteYou were right about the Euro. I see a bit higher before the top, though.