guys I am taking a much wider view this morning and i will tell you now that on a minute by minute basis CVI is inversely tracking the oil price. I have 3 windows open 1. 1 minute oil chart 2. 10 min XAO chart and 3. live updates on CVI depth. I can tell you right now as oil ticks up the XAO ticks down and buyer enthusiasm for CVI wanes. The converse is true when oil ticks down.
Despite only limited positives coming out of the saudi summit I believe i can see at least a degree of speculation in the oil charts and i see a few differnt possibilities playing out. Best one is that oil may drop to 110 within a few weeks.
Go to my post on the XJO for a more detailed analysis of oil price.
CVI Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
