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Oil Continues to Outperform Equities


ES (Emini S&P 500) already has recovered half of yesterday's decline, and is approaching key resistance at 2057/62, which if hurdled and sustained, will argue strongly that yesterday's breakdown ended a correction off of the April1 high at 2071.50, rather than the initiation of a more pronounced period of weakness in the aftermath of the Feb-Apr upleg.

Meanwhile, Oil has ripped to the upside, taking out Wed's recovery high at $38.30 into new rally high territory at $39.28 so far-- in route to my next upside target zone of $40-$42.

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