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Crude bounced off support prior to the news regarding Egypt. After hitting resistance Crude has declined $6 from the highs, in excess of 5%, despite the news from the Mid-east.
Game Plan…Am picking up Crude on support via futures or DBO, with a tight stop. On a side note I am NOT IMPRESSED that Crude has declined more than 5% with the news that is at hand. Crude declining at this time is not the best of signs IMHO. Will cover the longs should support give way and be looking to score on defense.