These days, the machinations of the crude oil market have become more important than anything the Fed says. As helpful as yesterday’s big drop in crude oil was, so far it’s nothing more than a healthy retracement from a breakout. Until and unless it slips beneath the green tint shown below, this is just a normal retracement. If it does indeed break that horizontal line, we’ve got a failed bullish breakout on our hands, and crude has a chance to slip back into the lower 30s (and drag the rest of the market with it).
