GOLDBUGS AMEX Goldbugs Index (GOLD)

[euterpe1]

CJ,

I would argue that Oil is way ahead of itself as far as supply and demand go. The US oil and gas index has corrected to almost it's 5 year trend line. It should at least bounce when hit.

Technically speaking, $wtic has corrected to the mid BB area and then resumed upward. We're hanging around the mid BB now.
The weekly RSI is just below 50 so unless it bounces now, it could signal a further sell off in the price of oil.

http://stockcharts.com/h-sc/ui?s=$WTIC&p=W&yr=3&mn=0&dy=0&id=p50752781094