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Crude futures are trading back below the psychological $80/bbl again today after yesterday's pop in reaction to the stronger than expected Prelim GDP data. The U.S. received another wave of negatively mixed economic data today to go along with yesterday's overlooked higher than expected weekly Unemployment Claims reading. In all, unemployment continues to rise and the level of consumption and spending has been disappointing as a result. Low rates of consumer confidence and personal spending are taking a bite out of the expected aggregate demand for crude. Therefore, crude futures are getting hit today while following the S&P futures lower. The Dollar has naturally been a beneficiary of the growing negative investor sentiment as investors head towards the Greenback for safety. As a result, crude's correlations are falling into line and serve as useful analysis tools. Hence, investors should monitor the EUR/USD's interaction with Wednesday lows and our uptrend lines. Meanwhile, the S&P's retracement below its Wednesday lows could signal a movement towards October lows along with the highly psychological 1000 level. Such a development would yield further weakness in crude.
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