Crude Oil finally liquidated to $75 on the back of a plunging equity market and the trouble going on in Europe.  WTI spreads were the first key indicator as spreads started to get very weak 3 weeks agio as supplies continued to rise in cushing.  I believe that this $75 mark is a very big support area and Crude will bounce off this as traders start taking profits on the 13% slide.  The VIX has increased every day and this is good for the day trader as you can probably see swings of $2 or more every day in the energy market.

This entry was posted on Sunday, May 9th, 2010 at 7:12 pm and is filed under Energies. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.