OIL

Updated: Nov 4, 2016

Oil just tagged our next downside target at 44.10.  It’s been almost four weeks since we called the top on CL [see: Welcome to Peak Oil.]  CL has since fallen over 14%.  And, while it’s been a great short, its influence on SPX has been almost as impressive: a 4% drop (the thin purple line below.)2016-11-04-cl-v-spx-0600Unfortunately for equities, oil’s drop isn’t finished — not by a long shot.

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