Markets often have an obsession with Big Round Numbers (20000 on the Dow, 2000 on the S&P 500, 5000 on the NASDAQ, and, most relevant today, 50 for crude oil).
Well, crude oil, after having risen nearly SEVENTY PERCENT (which is just great for the economy, right?) in the past few months, made its Big Round Number today and promptly reversed into a bearish engulfing pattern.
Thus, my embattled portfolio is starting to catch its breath, and I remain hopeful that the wedge shown below will ultimately be broken to the downside.
