Crude oil, viewed by way of the fund symbol USO, nailed its technical target 33.68 (marked with the lower horizontal red line in the chart here). It seems stalled there, but it’s not exactly bouncing; given the break beneath the ascending blue trendline, perhaps crude oil is in for some more serious damage. My short idea, XOP, offered up several weeks ago, has done great (as has the more aggressive version, ERX), but those still have plenty of room to fall – – -so perhaps, in spite of all the insanity in the Middle East, crude oil is going to keep weakening.
