It would be nice to think that Oil was the beneficiary of full participation in this melt up deleveraging that we have going on...but as you can see in the INVERTED chart...oil inverted has held the support zone so far and could be beginning a long decline...in this chart a decline is represented by an advance.
Not to be left out, the Saudi markets have NOT rallied during our global equity pump...they have sold off slightly during the last few weeks and are getting close to breaking out of their little flag.
See my previous post for reference. Given this latest action in this Saudi index…I am felt comfortable in adjusting the 2 − 4 line that I have placed on this chart and I do think that we are quite possibly looking at an imminent bounce off that level.
