Crude Oil sells off with strong dollar and weak equities

20 November 2009 @ 01:13 pm EDT

Crude futures have slipped back below our 1st tier downtrend and uptrend lines in reaction to broad-based strength of the Dollar. This week's wave of negatively mixed econ data appears to be taking its toll on riskier investment vehicles, leading investors towards the Dollar and away from crude and equities. The S&P futures have sunk back below their psychological 1100 level and investor uncertainty seems to be picking up a bit. However, despite today's weakness, crude remains above 11/13 lows and the psychological $75/bbl level. Therefore, the potential remains for crude to stabilize and lock back into the thick of its November trading range.

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