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SCO Attemps Breakout as NYMEX Crude Breaks 99


NYMEX crude oil traded down to 98.67, but has since clawed its way back above 99.00. The earlier breakdown positioned oil for a nasty breakdown, but so far, none has materialized, which is a warning signal that perhaps acceleration to the downside towards 92.00-90.00 will be delayed a while longer.

In addition, The ProShares UltraShort DJ-UBS Crude Oil (SCO) acceleration to the upside after failing so far to follow through to the upside after hurdling its July-Aug highs may also be delayed a while longer. It is with the foregoing in mind, that I raise my stop in the SCO to 30.89 intraday, just in case the price structure reverses into a near-term correction prior to the anticipated upleg towards 35.00.

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