Crude is getting crunched
If you go back to the archives and read my post from 8/16 you will see the bearish comments I made about Crude. It was trading at 73.19 at that point.
This is the type of thing that can happen when fundamentals change, the trend changes. I did not predict a major top even though that is what we had, but I pointed out several bearish signs that had developed. You have to stay with the fundamentals and the trend to stay ahead of the game in futures.
The commercials are shifting back in the direction of the long side of the market, but are not yet in a bullish enough position to signal a bottom. Besides the trend is down, so how far we go is anyone's guess. For me it is sell the rallies at this point. Hopefully on any rally against the downtrend we will get a shift in the commercials down back to the short side. It will be pedal to the medal if that setup occurs.