Wednesday, July 29, 2009

OIL, DOLLAR & THE S&P500



Crude Oil ($WTIC) took a hit today, it's resting currently on the trendline. As is the US Dollar after putting in a double-bottom, any strength here could see crude test its July lows $58. Expect further declines on equities ($SPX). I still believe that this will be a minor pullback and that the $SPX needs to see a blow off top near 1,050.

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