Oil is trading lower once again, down another 4%, with USO, XLE, & OIH being some of the worst performers this morning. Gold on the other hand continues to charge higher as well as bonds via $TLT. Can we say deflation?
Here are some other leading industries this morning:
_____
The russell just took out the low of the day and the bull case is grim. I have yet to capitulate on my oil trade, but must admit I am close. Here’s a 30 min look at crude:
____
If oil can’t sustain a bounce here, you might as well kiss everything goodbye– as well as sharpen your short skills, because we will be going lower, much lower. As for things holding up in this tape, here is a look at this morning’s runner screen: CLICK HERE