The OIL etn vs. OIH etf..

Same chart normalized...

A case of obvious manipulation..

I find it fascinating that those rogue trades over at PVM occurred during the night session on a massive scale where they would have the greatest price impact and at a point where they might destroy the topping head and shoulders pattern. We all know that oil has been the tail wagging the equity dog lately. PVM obviously had nothing to do with it based on how quickly they reported and unwound the positions so the question in my mind is who was this trader working for and why? Regardless the effort failed and oil appears to have broken the neckline and so too will equities.

rediscovered this tonight.. she's incredible

and because just one dose of her isn't enough.. for some reason it was requested (by her?) that this song not be able to embed but here is the link

http://www.youtube.com/watch?v=BvcNtoHwd6Y

fractal update..

Gold targets

In the Gold market I'm seeing 915ish (.618 fib) as being the most important support area.. which I believe will get taken out...

measured moves...

I'm seeing the potential for a quick flush down to /ES 837ish by tues/wed. of next week on a closing basis based on a confluence of several technical indications...

one hopeful indicator

the tick indicator appears to be predicting a bad report tomorrow via it's coiled posture at least out of the gate, we will see how the day goes... I'm hoping for follow through downside action on volume tomorrow.

My biggest concern...

With the cyclical nature of the dollar lately I'm concerned that unless we get a strong surge started soon it may dip lower into the next low cycle target zone which would unhinge my deflation trades in oil, gold, basic materials etc. I've scribbled over the chart below highlighting the recent short term cyclical behavior. The other thing I noticed is the crude oil chart has a short term bullish diverged RSI.

/ES 820ish target..

I'm looking for a target of 820ish once the neck line of this head and shoulders pattern that I'm seeing breaks. I'm looking for gold, oil and basic materials to go down in tandem with stocks..

RSI sell signal tripped...

the /ES is about to break under that uptrend line and follow oil hopefully closing at the lows...