Oil breaks a new cycle low

Whilst the broader US market remains contentedly climbing into year end, there was notable weakness in the energy market. WTIC Oil broke a new multi-year low of $52.90. The door is now open to the $50 psy' level, after that... $45.


WTIC, weekly, 3yr

WTIC, monthly'2

Summary

Suffice to say, the recent micro double low in the mid $53s was rather decisively taken out today, and bodes for continued downside across much of January. I'm somewhat surprised, although US dollar strength was always going to remain a major hindrance to any near term bounce.


Looking ahead

Tuesday has Case Shiller HPI, and consumer confidence. In the scheme of things though... neither are particularly important enough to significantly move the market, in what is just another quiet holiday trading week.
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Still time to submit a target

There are still a few days to submit your best guess for end 2015..   see HERE
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Goodnight from an icy London