*May oil futures up to $56.57 (+.72) here this morning, suddenly oil is rising (again), and the short-term bearish stance from Monday is in danger... why? Because the dollar is once again weakening (sigh), and oil may yet again close the week strong (sigh again). $69/barrel?... haven't yet wrote it off, still a possibility at this stage... but at the same time, the light crude oil chart still has a double-top in, but similarly the XOI doesn't seem like it wants to die yet...
A falling dollar is good for the market? Not even close, unless you want continuous record highs in energy prices!... which will inevitably lead to further inflation of essential goods (and services). And Mr Joe & Sally middle class consumer are suddenly going to tie the strings around the family income, we've already seen a bit of it this morning in some of the same stores sales comparisons... anyways, here's the charts... don't forget that a lot of the fate of oil is now tied to the U.S. dollar...
(In the event that the U.S. dollar begins to sink day after day here, oil has the possibility to actual obtain a parabolic surge to or near the $69/barrel price target, in the event the market signals this today in some way, it may in fact be time to actually go long if a parabolic move begins to materialize today... the market should know, and inevitably begin to sink!... a strong close in oil/oil equities this week would be extremely bullish for oil, given the early part of the weeks action)
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