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hardnox
Advisor

CRB

http://stockcharts.com/h-sc/ui

 

As expected, CRB headed bqck to the 500 level from whence it mounted the great early year short covering rip.

 

If you flip the linked chart to weekly you'll see that the RSI rarely goes very far or long above 70 or below 30.

 

We're closing in on 30 so that is the good news; the bad news is that there tends to be some pretty sharp capitulation in the last couple of weeks of those swings.

 

Story today is crude making new swing lows. My guess, somewhat supported by data, is that everybody on "our" side in WWIII is pumping as hard as they can, trying to put the hurt on Russia.

 

Financial sanctions plus $80 crude puts them in a world of hurt quickly; however desperation creates risk, as well.

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