Still too much oil being stored and that gives incentive for current contract to decline in expiration. Like you I'm watching very close and have traded a few times the past month, but only a very small long position currently. Used today's bounce to lighten up my buys from Friday. S&P in decending wedge which should get resolved to the upside. I'm thinking one more decent bounce for the broad market and then it's shorting time again. Don't have a lot of conviction ST so I'm staying high cash. FXC, FXA, FXE might look good in another 1-2 days if the current trends continue.
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