Oil is Broken

The uptrend in oil, as I have it drawn, is unofficially broken. Snapped like a turkey's neck in November. Official contingent upon closing prices. Should gold take out it's prior intermediate low, I will consider it broken as well (I warned you about that last week). The dollar is raging higher thereby breaking the back of the commodity bull. Psst, (whisper) we're also in a recession.

The stock market is happy and, for a change, I'm happy by extension. Since last August almost every time we have had one of these giant rallies I have been cursing and breaking things. Today I am long. I enjoy the novelty of partaking in the bulls' joy but I remain a bear in bull costume. Higher prices will eventually lead to me shedding my costume and going all Rambo on these bulls.

I think we're making another run at 1292 on the S&P and I expect a breakout but let's not get too far ahead of ourselves.