Crude Oil Corrects...

FUNDAMENTAL ANALYSIS
Crude oil fell slightly today, spurring a small bout of buying in this completely "newsless" day, lifting the Dow a grand 92.34 points. The internals, however, don't seem to tell the same 92.34 points gain story. Decliners surprisingly led advancers! Yes, on a day where there were more losers than winners, the Dow gained over 90 points, suggesting that those stocks that gained, gained by A LOT! We all know what follows such strong surges, don't we? I seriously suspect we are looking at a fake out today.

TECHNICAL ANALYSIS
Not surprising to see a little buying after a strong drop of over 100 points. The Dow formed a small candle within the body of yesterday's huge closed candle, basically a day of no significance. The 14000 resistance level still looks strong, causing a lot of uncertainty in the market. There are no clear technical indications that the 14000 level is going to be breached anytime soon... low volume, declining momentum, trend indications weak... its going to take a miracle to break the 14000 level tomorrow.


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