Think about what the main reason is behind this rally... a bounce in the $ of oil.
Whats causing the bounce, rumours of OPEC cutting production, not a very bullish scenario.
If the $ of oil was rising due to increased demand then i would be be bullish.
OPEC cutting production is confirmation of the dire state of the world economy.
Remember when oil was $147, and a decline in the oil price used to trigger rallies, the same principal is involved here.
Oil was falling because there was a falling demand for it yet the market still ralllied buoyed by the onset of cheaper oil, but that quiclky reversed when the market realised the implications of a falling $ oil.
Once the implications about OPEC cutting production are realised the same thing will happen, and down she goes.
hetoldmetobuy--was that a double top, page-12
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