We mentioned in our weekly summary (as gold was racing away to new highs) a week and a half ago, that oil had diverged and looked ready to roll over. As was written then:
2009 to gold was 2008 to oil... the hedgies playground. Another divergence is the lack of follow through on oil; with the 'global economic rebound' oil should be moving in lockstep or at least at a trailing distance to gold. Instead it appears (from these eyes) to be stalled, if not beginning early stages of a roll over.
That was 8 sessions ago. Rollover we have. (<---that sounded like Yoda speaking)
The (supressed) speculator in me, wants to be a buyer of oil here anticipating a bounce in the next few sessions as we have now fallen to an old base ... USO for first class gamblers or UCO for hardcore enthusiasts ;)