Oil is starting Election Play

A few hours and the short-term becomes less muddy. You know from our background statments and blogs that we think oil is heavily influenced by politics.  For a lot of reasons, some chart points, and just the general high levels, oil is due to drop substantially.  We continue to watch for influence from the commodity ETF’s (MOO, DBC,DJP,DBA), two have made new highs above the early March highs and two haven’t.  In any case in reading the tea leaves we would hazard a guess that in general falling commocity and oil prices will be a factor in pushing stocks to the top of the 1390 to 1440 trading range in the short-term.

1:45 PM CDT