Oil...we got the $2 rally and the fade by the producers. They’ve hit the downside objective.

SCO…@ 96.20 hit upside resistance and a potential rejection #.

Hopefully we’ll get one more screwing of the shorts that will allow us to re short
around 44.75 with a fairly tight stop.

If it keeps going so be it, this is just not a high probability level to initiate new shorts.

Equity Indices smell like three day old dead fish. The down is not over. Today’s high could not have been a worse place to stop. at this point I doubt if you’s see much of a rally back into the mid to high 1929’s again.

Look to the oil, for if the algos can produce one more short covering rally you could get a little pop in the Spu’s.